Iranian banks and exchange their currencies to rials and vice versa. Foreigners who want to trade in Iran must get a license, which the exchange says will take seven days on its website. Non-commercial risks The Central Bank of Iran is also in charge of providing the investors with the necessary foreign exchange, which is also transferable. Moreover, under the law, foreign investors are protected and insured against possible losses and damages caused by future political turmoil or regional conflicts. Dual listing Iran is to target foreign investment in its energy sector by creating an umbrella group of nearly 50 state-run firms and listing its shares on four international stock exchanges. Offshore funds As of 2014, Turquoise Partners in Tehran (and Confido Capital OY in Helsinki) are some of the few opportunities for foreign investors to participate on the Tehran Stock Exchange . Turquoise Partners publishes one of the few English newsletters that covers developments of the Tehran Stock Exchange and the Iranian economy called "Iran Investment Monthly". In 2014, Mehrafarin Brokerage Company became the first broker to open an office in London. ACL Ltd in London says it plans to launch a fund focused on Iran worth over $100 million, if sanctions are lifted. Hundreds of Western hedge fund managers and investors have visited Iran in 2015, in anticipation of the lifting of sanctions. Renaissance Capital and London-based Sturgeon Capital have also shown interest in investing in the TSE. U.S. sanctions U.S. persons need a license from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) in order to invest in the TSE. Analysts expect TSE to be among the biggest early beneficiaries if the sanctions are lifted. Taxes As of July 2010, taxes on TSE transactions are as follows: Cash dividend: no tax (22.5% at source from Company). Share transfers: the Tax Amendment has changed the regulations regarding calculation of tax on transfer of shares and their rights in Iranian corporate entities. In the case of shares listed on the Tehran Stock Exchange (TSE) the tax on transfer of such shares and other rights is 0.5 per cent of the sales price. In the case of transfer of the shares and their rights to other corporate entities (i.e. those not listed on the TSE) a flat rate of four per cent of value of the shares and rights transferred applies. No other taxes will be charged. The