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THE UNSPOKEN BAN RESTRICTING IRANIANS FROM INVESTING IN SPAIN

Iranians in spain

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[vc_row][vc_column][vc_column_text]Many Iranian investors are extremely attracted by the comparatively low prices of Spanish properties and are therefore looking to invest in the Iberian country.

With this argument, they are without any problem granted tourist visas (some of them apply for and obtain permanent residence) by the Spanish Consulate in Tehran, N.I.E. numbers by district police stations, property deeds by notaries public and certificates of “census registration” by town halls, and yet they are irritably rejected by Spanish banks under the pretext that the laws do not allow them to do so.

Iranians can’t open a bank account in Spain

It is here where the doubt arises whether there really is a law in force that directly closes the doors to Iranians who wish to open a bank account in Spanish financial entities.

Unfortunately, there is no such general ban in Spain because there is no specific regulation by the Bank of Spain, the Ministry of the Interior or the Ministry of Foreign Affairs authorizing banks not to accept investments from Iranian investors who fulfill all the requirements to open a bank account.

But in practice, however, most banks act and support each other as if there was a legal restriction that does not allow Iranian nationals to invest in Spain, making it appear that Iranians have been banned by the EU because bank managers in Spain and other EU countries do not rely on motivated justifications when refusing, they say that it is not possible to help them because the computer system blocks that particular nationality or because their bank does not specialize in dealing with such citizens, etc. etc. etc., etc.

Is the United States bullying financial institutions?

Unfortunately, it all boils down to the fact that Spanish financial institutions are terribly afraid of reprisals from the United States Government and prefer to leave certain foreign nationals as clients, even if they risk being reported to the Bank of Spain for arbitrarily, if not discriminatorily, refusing to open bank accounts for them.

How can Lexidy help?

If you are an Iranian national you can contact us for a free consultation and give you a solution for the problems the Spanish financial institutions are presenting you.


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