Navigating OFAC's 50% Rule For Cross-Border Exec Mobility
· WOWERI
The US Office of Foreign Assets Control (OFAC) has released a guide outlining the 50% rule, which can impact the sponsorship of multinational executives for immigration. Companies must be aware of this rule.
Introduction
The US Office of Foreign Assets Control (OFAC) has released a guide outlining the 50% rule. This rule states that if a foreign company is owned more than 50% by a company under sanctions, it will also be considered under sanctions.
Implications for Immigration
This rule can impact the sponsorship of multinational executives for immigration. If a company is under sanctions, it may not be able to sponsor executives for immigration to the US.
Recommendations
Companies are advised to check if they are under sanctions or if they are owned more than 50% by a company under sanctions. This will help avoid any potential immigration issues.
What to do next
- H-1B Work Visa — Order
- L-1 Intracompany Transfer Visa — Order
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Source: law360.com