January 25, 2012
NEWSLETTER

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SYNOPSIS OF THE MICC GUIDELINES ON THE SPECIAL ECONOMIC MEASURES IRAN

Further to our Newsletter of yesterday, the MICC has notified us of their guidelines in response to the New Regulations amending the Special Economic Measures (Iran) Regulations entered into force on November 21, 2011.

The Guidelines indicate that the MICC will continue to process Iranian CSQ applications, whether they are residing in Iran or hold an Iranian citizenship.

The MICC will issue out a letter to all foreign nationals from Iran (either that are residing there or have an Iranian citizenship) explaining to them the sanctions and that they may request from the Department ofForeign Affairs and International Trade (DFAIT) an exemption to those sanctions. This notice will also contain the promise that the MICC will issue the foreign national a CSQ under the Investor Program.

If the foreign national is selected after interview: the notice will be given after the interview.

If the foreign national is selected on file: the notice will be sent with the intention to issue a CSQ.

Additional time will be granted to the foreign national to make his investment if needed, however, the foreign national will have to provide the MICC proof that he/she submitted the request of exemption to the Department ofForeign Affairs and International Trade (DFAIT) as soon as he/she received the notice.

Full text of the MICC Guidelines [French only]: Click here

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