Iranian UK Entrepreneur And Investor Visa applicants
Moving money from Iran to the UK for a UK visa post the US withdrawal from the JCPOA.
Westkin assist hundreds of individuals and families whom are either Iranian nationals whom are applying for UK visas, many of these applicants live outside the UK, typically in Iran or other parts of the middle east such as the UAE.
Due to the evolving situation surrounding the US withdrawal from the JCPOA, or BARJAM as it is known in Iran, many Iranian clients are concerned about their ability to apply for UK visas and by extension do business with the UK & EU
The US has imposed fresh sanctions on the 7th August 2018 and future sanctions are due in November 2018, the EU has at the time of writing acted to protect firms in the EU doing business with Iran.
As a result, Iranian nationals and business are free to do business and send money to EU countries without the need for pre-clearance as was required prior to the JCPOA. Prior to his anyone moving funds of more than €10,000 to the EU was required to provide prior notification to HM Treasury, however this is no longer required. In reality however, UK banks have remained cautious about facilitating iran-related transactions or transfer from Iran UK Iran visas due to the potential of indirect sanctions from the US government.
It is important to note that at the time of writing for UK visas purposes of a UK visa, only Passargad bank or Parsian bank, as such any funds held in Iran should be held in one of these two banks only. The relevant conversion rate based on the Rial (IRR) is fixed using the rate stated on www.oanda.com on the day they pay for their application fee. The Home office does not take in to consideration the common exchange rate used by the central bank of Iran or the market, as such UK visa Iran applicants will probably find that the rate is better than they expect.
For visa applications the funds do not need to be in the UK but can instead be in any country in the world, it is also not possible to open UK accounts for any foreign national in the UK whom does not have a UK longer than 6 months (also includes long term visit visas), as such it is not possible for applicants to set up a UK account and transfer the funds to the UK before applying.
Transferring funds to the UK can be tricky with SWIT banking and other forms of direct transfers from Iran are not yet possible, however registered exchange agents (known as a Sarafi) in the UK can assist in transferring funds from Iran to the UK using the exchange market. It is recommended that clients only use an exchange agent that transfers the funds from their own UK account rather than provides multiple transfers or cash deposits.
Although the matter is becoming more difficult due to the devaluation of the Rial most Iranian Citizens applying from Iran Tehran tend to hold their funds in their personal account with Passargad or Parsian, they will then apply for a UK visa, once granted they are able to open a UK personal bank account and transfer the funds using a registered exchange agent to their account in the UK.
More recently clients have been purchasing Crypto currencies such as Bitcoin and Ethereum using Rials and then selling them to regulated Crypto currency exchange for another currency such as British pounds as a way of facilitating a transfer without the involvement of an exchange company.
For those clients whom have their UK accounts closed down due to their nationality or if they have received funds from Iran are still able to obtain banking facilities with another UK bank and in some cases are able to take legal action against the bank for unfairly closing their account.
We assist all nationalities, please contact our team for more guidance at our offices on 0207 118 4546.