Sixteen criteria for opening a bank account for foreigners in Iran

 

Sixteen criteria for opening a bank account for foreigners in Iran

• Sixteen criteria for opening a bank account for foreigners in Iran
  • The conditions of Post-JCPOA
  • The executive instructions for opening an account for foreigners
  • Sixteen conditions for opening an bank account for foreigners
    • Opening a Gharz al-hasaneh account for foreigners
    • The age factor for opening an bank account for foreigners
    • The annual turnover rate for foreigners
    • The transfer of a long-term investment deposit for foreigners
    • Opening a deposit bank account for embassies
    • Obtaining a valid foreign exchange certificate
    • Opening bank accounts not mentioned in the instructions

With the recent enactment of the Money and Credit Council (MCC), sixteen conditions were ratified by the council members for opening a deposit Rial bank account for non-resident foreign real persons, non-resident foreign legal persons, and foreign real persons residing in Iran.

 

The conditions of Post-JCPOA

The conditions provided in the Post Joint Comprehensive Plan of Action (Post-JCPOA) has created a proper space for using a situation generated for economic purposes which are definitely worth taking into account. One of these conditions is the development of investor relations (IR) and tourism.

 

The executive instructions for opening an account for foreigners

As the requirements of using banking facilities and monetary services to foreign investors and tourists are of considerable importance for establishing investor relations, the executive instructions for opening a Rial deposit bank account for foreigners have been reviewed recently in this regard by the Central Bank and approved in mid-January this year by the Monetary and Credit Council.

 

Sixteen conditions for opening an bank account for foreigners

Sixteen conditions were ratified in the directive and approved by the council members for opening an bank account for foreigners. Accordingly, the opening of a deposit bank account is allowed for those foreign real persons who have a permanent residence permit and/ or a residence certificate. Moreover, foreign real persons who have an employment license from the Ministry of Cooperatives, Labor and Social Welfare, and foreign legal persons who reside in Iran have permission to open a Rial bank account.

 

• Opening a Gharz al-hasaneh account for foreigners

For those foreign real persons residing in Iran who have either the documents of the asylum certificate issued by the police, the identity card issued by the Ministry of Interior, or a long-term exit card (Amayesh), banks can open a current Gharz al-hasaneh account without a checkbook, Gharz al-hasaneh savings deposit account, and a long-term investment account.

Furthermore, banks are allowed to open accounts for real non-resident aliens provided that the applicant be present at the bank in person and present a valid passport.

 

• The age factor for opening an bank account for foreigners

Opening an bank account for non-resident foreign real persons is not valid for persons under 18 years of age. For persons under the age of 18, a Gharz al-hasaneh savings deposit account and a long-term investment account can be opened by their father or their paternal grandfather.

Also, non-resident foreign legal persons can open a Gharz al-Hasaneh savings deposit bank account and a long-term investment deposit. It should be noted that it is necessary for these people to provide documents indicating their registration and articles of association (AoA) approved by their representative in the country of the legal person or the closest representative of Iran in that country.

 

 

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 Sixteen criteria for opening a bank account for foreigners in Iran