![]() Moreover, according to Reg: § 560.543 of the Iranian Transactions and Sanctions Regime (ITSR) US persons may engage in transactions necessary and ordinarily incidental to the sale of real property in Iran, such as engaging the services of an attorney, funds agent, or real estate broker. OFAC does, however, authorize US persons to acquire and sell real property in Iran if they inherit that property. The only condition on which US persons can receive transfer of title to real property in Iran is if OFAC has authorized such a transaction. Under OFAC regulations the acquisition of real property in Iran by US persons, including any type of title transfer or transfer of property, is considered a type of investment and therefore is prohibited. The Office of Foreign Assets Control (OFAC) currently prohibits US persons from making any new investments in Iran without its prior authorization. While this makes perfect sense if one wants to avoid possible probate and other legal issues and inheritance taxes in Iran, transferring title of real property to a US person as a gift is a violation of current US sanctions regulations. ![]() Because of the uncertain economic situation in Iran, many individuals who have real property in Iran would prefer to gift it to their children or other family members, including US persons, while they are still alive instead transferring title of the property as an inheritance after their passing.
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