Minister: Iran Plans to Launch Offshore Bank to Facilitate Investment

Date: 19 August 2023 - 21:55

News ID: ۱۱۸۴۴۲

TEHRAN – The Iranian Economy Minister Ehsan Khandouzi said Saturday that preliminary steps were taken to establish an offshore bank as a way to attract foreign investment.
“One of the most important priorities to increase the country’s economic growth is to take measures that lead to an increase in investment in Iran,” Khandouzi told the national Iranian TV.
The minister hailed President Ebrahim Raisi’s administration’s performance in attracting foreign investment since it assumed office in the middle of August 2021, saying, “There was a 6.7% increase in investment in Iran’s economy the last year.”
“Purchase of foreign currency from foreign investors, whether they import in the form of banknotes or remittances, their currency will be purchased by the Central Bank at an incentive rate,” he added.
“For the first time, permission for an offshore bank has been officially granted with the license of the offshore bank being issued by the Central Bank,” the minister added.
“More than 100,000 dollars of investment, whether in the form of banknotes or non-banknotes, will result in a 5-year residence permit for the investor. The higher the amount of investment, the longer the residence duration,” he added.
He further described the barter mechanism as one the most effective ways to attract foreign investment, saying that the barter method not only decreases the cost of transferring foreign currency as it does not need foreign exchange shops, but it is also quicker.