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

• Transfer the money to Parsian bank or Bank Pasargad in Iran
• Apply for notification – see https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/274603/Guidance_Article_30_30a_January_2014_update.pdf which stated that for ‘Any other transfer ≥10,000 < 400,000’ you are required to apply for notification under Article 30 of EU regulation 267/2012  – I have attached the notification application.
  (Treasury licence is not needed if you bank with these two banks as they are not classified as being ‘designated’ and are not on the consolidated list – https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/274596/irannuclear.pdf )
• and then get the required bank letter for the application
• However, if a client is a ‘designated person’, refer to https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/274596/irannuclear.pdf to see if they are, then they are required to apply for a treasury license.

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

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