Ali Jirofti, deputy head of KFZO, made the announcement while talking with IRNA Sunday.
The investors should not be concerned about exchange and transfer of money, Jirofti said while referring to establishment of offshore bank here.
Domestic banks can open LC (Letter of Credit) in Kish free zone to transfer money through that, he added.
The offshore bank, he said, will accelerate the financial affairs including transfer of money and facilitate domestic and foreign investment activities.
According to law, the Kish Free Zone Organization should ask from Central Bank of Iran for launch of an offshore bank, then the CBI will give permission to that opening, the official said.
Kish Island is a proper place for foreign banks' activities, he added.
An offshore bank is a bank located outside the country of residence of its depositors, with most of its account holders being non-residents of the jurisdiction. An account held in a foreign account, especially in a tax haven country, is often described as an offshore account.
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Kish Island, June 5, IRNA – An official at Kish Free Zone Organization (KFZO) announced that the first offshore bank is to be established in this southern Iranian island by next month.
