EB-5 and E-2 OFAC License Requirements Eased

Categories: Immigration Lawyer Blog San Diego

In a stunning release by the treasury department, specific licenses are no longer required to facilitate the transfer of funds for investment projects related to an E-2 or EB-5 investment projects. This will come as a big relief for the many immigrant investors from Iran who have been waiting (many months) to receive an OFAC license for their EB-5 or E-2 investment. Especially with the current hyper-inflation in Iran, reducing the delays to investing the funds outside of Iran may prove critical to preserving the investor’s assets to invest in the EB-5 or E-2 program.

Any pending OFAC license requests for an investment through the E-2 or EB-5 applications are now considered approved under the General License. The pending applications will receive a Return Without Action letter referencing the amended General License. In other words, unless the activities are outside the scope of the amended General License. It appears that specific requests for a “No License Required” Letter will receive a Return without Action letter and defer the sender to the amended General License.