Attorney Majid Foroozandeh examines the effects of the Iran sanctions lifting

"People call me all the time from Iran asking how they can transfer money from Iran to Iranians in the U.S., and I tell them citizens of Iran can send money to the U.S., and American Iranians residing in the U.S. can transfer money from Iran — but both must follow very specific steps pursuant to Office of Foreign Assets Control (OFAC) regulations," said Majid Foroozandeh, an attorney and native of Iran. "In fact, certain transfers of funds to the U.S. from Iran require obtaining an OFAC license in advance of the transfer, and the lifting of Iran sanctions will further impact and change this current process."

Western sanctions against Tehran were officially lifted after the International Atomic Energy Agency (IAEA) reported that Iran fulfilled all of the measures required under its deal with six world powers — the P5+1: China, France, Germany, Russia, the United Kingdom, and the United States. The IAEA's certification allowed Iran to immediately recoup some $100 billion in assets frozen overseas. Furthermore, the U.S. Treasury Department announced that it would permit foreign subsidiaries of American firms to operate in Iran, and non-U.S. citizens would be permitted to trade with Iranian government institutions and to sell goods and services.

"I also have Iranian corporate clients in other countries such as the UAE and Turkey who, under enterprise visa (E category) provisions or the L-1 visa, are interested and are in the process of submitting petitions to open branch offices here and transfer their executives to America to start trade and business," said Foroozandeh. "It is a business-opportunity frenzy and everyone is interested in their fair share of the Iranian market. However, understanding what can and cannot be done is the key here."

Mr. Foroozandeh holds a B.S. in Manufacturing Engineering Technology, an M.B.A., and a Juris Doctor. He is a member of the California State Bar and is admitted to practice in California, the U.S. Court of Appeals, the U.S. Tax Court, the U.S. Court of Appeals for the Armed Forces, the U.S. Court of Appeals for Veterans Claims, the U.S. Federal Courts for the Central, Eastern, and Southern Districts of California, the U.S. Court of International Trade, and the U.S. Court of Appeals for the Federal Circuit.