An addition OFAC license must be obtained in cases where a US person wishes to sell the real property that they have been gifted.įurniture, motor vehicles, coinage, etc. This OFAC license is substantial as it is mandatory in obtaining in cases like these. 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.
Gifting of real property to and Iranian citizen who is still alive is not considered an inheritance, according to OFAC. 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. 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 this case, transferring any title of real property is considered an investment and is therefore prohibited unless OFAC has authorized the transaction. 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. However, it is a violation of United States sanction regulations to be gifted a transferring title of real property in Iran. 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.
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