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Iran: Treasury Licence

Tier 1 Entrepreneur:

The Tier 1 Entrepreneur policy guidance states: We will not accept evidence of your money from a financial institution with which the Home Office is unable to make satisfactory verification checks. A list of financial institutions which do not satisfactorily verify financial statements can be found on our website at:

www.ukba.homeoffice.gov.uk/sitecontent/documents/studying/financial-institutions/ and in Appendix P of the Immigration Rules’ http://www.ukba.homeoffice.gov.uk/policyandlaw/immigrationlaw/immigrationrules/appendixp/appendixpf/

 In appendix P, it currently states only:

Parsian bank and Bank Pasargad are accepted

Therefore if funds are in any other bank:

  • Would need to apply for a treasury licence (if they are a ‘designated person’ or the bank is designated – see https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/274596/irannuclear.pdf ) OR notification if they do not bank with a designated bank and are not a designated person
  • Transfer the funds to  a regulated bank in the UK
  • Then make the Entrepreneur application based on funds already in the UK
    But I don’t think applicants will be happy to do this before knowing if their application is successful or not

OR

For Investors 

If they are designated or they bank with a designated bank in Iran – treasury license.

If no, then they will be required to apply for authorisation as the amount is more than £400,000.

If a client banks with the following, the form is specific to these banks:

  • Melli Bank plc
  • Bank Sepah Iran
  • Bank Sepah International plc
  • Persia International Bank
  • Bank Saderat PLC

Please note that this is subject to change.

Getting notification/authorisation/treasury licence does not guarantee that the funds be transferred. This bank has the final decision. The notification/authorisation/treasury licence merely legalises the transfer of the funds.

Bank Pasargard website states that they do have a swift code:

No.430, Mirdamad Blvd., Tehran, 1969774511, Islamic Republic of Iran.Tel: +98 ( 21 )82890Email: info@bankpasargad.comhttp://www.bankpasargad.com/SWIFT Code : BKBPIRTH

Westkin Associates

info@westkin.com

5th Floor, Maddox House,
1 Maddox Street
Mayfair
London
W1S 2PZ
United Kingdom
0207 118 4546

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