Case No. IA-2012-296372-1 (Chicagoland Foreign Investment Group, LLC)

Date issued: Feb. 27 2013

Last substantive commentary amendment:
May. 08 2023

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TURBOFAC Commentary (1613 words)

Key Takeaway – Iranians moving to the U.S. and passively maintaining stake in Iranian companies not necessarily prohibited by ITSR. Having a U.S. visa does not render one a U.S. person

Notes:

1) Guidance deals with a law firm involved in applying for EB-5 investor visas on behalf of Iranian clients, and involvement with the actual investment of the funds in the U.S.

OFAC distinguishes between two different services provided by a U.S. person in connection with an EB-5/E-2 visa application. Advice concerning eligibility requirements, for example, falls within the scope of the general license for the provision of legal services to persons ordinarily resident in Iran.

Activities related to the investment of the funds required to qualify for the visa, however, constitute the export of "financial services," and require specific...