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The Agreements of Promotion and Mutual Cover of Investments are bilateral deals based fundamentally on the will of the States that decide in mutual agreement, beginning with the exercise of their sovereign character, to establish general conditions that serve as stimulus and guarantee for the economic and legal interests of the investors of each one of them when they invest in the territory of the other Contracting Part. This document defines interests of both States agreed with their respective national legislations, its clauses are of strict fulfillment and create surroundings of great security and legal stability when being established important concepts such as investor, natural person, legal person, territory and others. Also, it contains clauses that allow each part to know previously the treatment its investors will receive in the territory of the other contracting part, in accordance with what's legally established for the nationals and according to the norms of the International Law.
Other important clauses are referred to the facility on making the transferences of the utilities and gains in general, deriving from the investment carried out and the possible exemptions and diminutions of the legally established fiscal obligations.
On the other hand, in this type of agreements are left established the routes to solve conflicts between investor and one of the Contracting Parts or between both Contracting Parts, reason why security exists that the parts will fulfill their obligations because of not doing so a procedure will work that finally forces them to it.
It must be also mentioned as one of the important guarantees of foreign investor the agreement regarding the adequate indemnification in case of an expropriation, also pre-established legal transaction as to the only circumstances under which it can take place and always endorsed by the corresponding legal procedure.
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Countries Cuba has subscribed Investment Protection Agreements with: |
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Cuba has subscribed 62 Agreements of Promotion and Mutual Cover of Investments: |
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