Iran to launch Offshore Bank in Qeshm Island

[Martin Everson]

Qeshm Freezone is one of the many Freezones in Iran and according to Iran/China Chamber of commerce:


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“We hope that an offshore bank will be established in Qeshm in 1401,” the head of the Qeshm Free Zone Organization told.

Afshar Fathollahi said in an exclusive interview with ILNA news agency that we had negotiations with two groups to set up the offshore bank in the region over the past 50 days and most of them are Iranians living abroad.

Pointing out that one of these groups has a foreign partner, Fathollahi said that negotiations with these groups are underway and we counter some legal issues and restrictions so the central bank must provide the required permits in this regard.

He explained that the Secretary of the Supreme Council of Free Zones is discussing with the government and central bank to reform the basic legal needs of this investment.

“Now, our basic discussion is not the provision of initial capital for the establishment of offshore banks; at the first step, the government must allow such an investment, and after the licenses are issued, operational work can begin.”

“Certainly establishing of the offshore bank will help Iran in coping with the sanction conditions and we must not miss these opportunities,” Fatollahi said.

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[uplana]

Question will be who is going to bank in Iran?

How will people get money in and OUT

 

[Martin Everson]

Question will be who is going to bank in Iran?

Very good question but likely smart investors and normal business people. If US returns to JCPOA agreement or Iran is given sanction relief - in current talks, then investors will probably return as some did before sanctions were reimposed.

How will people get money in and OUT

In terms of getting money in and out next to no chance for ordinary person. Iran is not connected to SWIFT since years I believe so alternative payment methods will nave to be sought. Businesses could well use INSTEX once working or some equivalent (no one say crypto please...lol) until banks are confident that sanctions will not be reimposed by next US regime.

 

[Martin Everson]

CBI approves establishing offshore bank in free zones​

https://www.tehrantimes.com/news/472773/CBI-approves-establishing-offshore-bank-in-free-zones

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Speaking to the national TV, Saeed Mohammad noted that the secretariat of Iran’s Free Zones High Council has managed to obtain the license for establishing the offshore bank from the CBI, adding that “The rules of administration for the mentioned bank are under the supervision of the central bank and we are looking for qualified shareholders for the bank.”

An offshore bank is a bank that is not affiliated with the CBI but is supervised by the bank; so, given its independence the shareholders can be foreigners and international entities, the official added.

Regarding the international exchange, Mohammad stated that good meetings have been held with the Securities and Exchange Organization (SEO) and the two sides have reached an initial agreement.

Foreigners are interested in entering the Iranian stock market, and this encourages the companies that operate on the mainland today to upgrade themselves and provide good reports if they want to offer their shares on the international stock exchange, Mohammad said.

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I would be interested in investing in Iran markets when and if this happens. Would just want to make sure my investments would be in compliance with any applicable sanctions. What a minefield that would be .