A majority of the time, real property in Iran is gifted to children of the owners, other family members, or even outside US persons while the owner is alive rather than transferring the property title after the passing of the owner. However, it is a violation of United States sanction regulations to be gifted a transferring title of real property in Iran. The Office of Foreign Assets Control, also known as “OFAC” has prohibited all US persons from partaking in investments within the country of Iran without authorization from the US. In this case, transferring any title of real property is considered an investment and is therefore prohibited unless OFAC has authorized the transaction.
However, in cases where the property is inherited by any US persons, OFAC has authorized the acquisition and sale of the real property in question. In addition, the US persons who have been given authorization to do so may also transfer proceeds from the selling of the real property to the United States if this property was acquired prior to residing in the US and becoming a true US person.
Gifting of real property to and Iranian citizen who is still alive is not considered an inheritance, according to OFAC. In cases as such, all applicable US persons must seek authorization from OFAC and obtain an OFAC license prior to accepting the gift of real property and transfer title. This OFAC license is substantial as it is mandatory in obtaining in cases like these. An addition OFAC license must be obtained in cases where a US person wishes to sell the real property that they have been gifted.
- Can Other Forms of Property be Gifted?
Furniture, motor vehicles, coinage, etc. can all be gifted, however there are distinct licenses aside from the real property license listed above that authorize the US person to accept these forms of gifts. These proceeds from these specific forms of property may also be transferred to the US as long as the proper documentation regarding their sale and transfer is available.
If you or a loved one is planning to accept an inheritance of any form of property within Iran, contact our immigration office today to learn more about how to obtain the relevant OFAC license so that you can begin the process of transfer.
It is vital that you contact an attorney that will be able to assist you with the proper help, as each situation is case by case. Ramona Kennedy is a passionate and qualified attorney that will be able to guide you step by step and decide what is best for your case. Attorney Ramona Kennedy cares about your case and will fight for you.
You can contact attorney Ramona Kennedy Law Offices (Kennedy Law LC) for an initial consultation and case evaluation. The first consultation is free of charge.
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