Reza Pahlavi has remained in exile in the United States since the 1979 revolution and has not entered Iran. In February and March 2026, following reported U.S.-Israeli strikes, he publicly stated readiness to return as soon as feasible to lead a transitional government under his Iran Prosperity Project framework, even before full regime collapse, and released updated transition plans. Subsequent months brought mixed developments, including meetings with U.S. officials, appearances at events such as CPAC, and a Berlin visit, alongside reports of declining enthusiasm among some diaspora supporters and questions about domestic backing inside Iran. Entry would require either a verified regime change creating safe conditions or a negotiated path that has not materialized, with trader assessments reflecting these persistent security, political, and logistical barriers through mid-2026.