Italian lawyers for Nigerian citizens and companies in Italy.
Relations between Italy and Nigeria.
The Agreement between the Government of the Italian Republic and the Government of the Federal Republic of Nigeria on the mutual promotion and protection of investments, made in Rome on 27 September 2000, states that each Contracting State shall encourage investors of the other Contracting State to invest in their territory and admit such investments in accordance with its own law.
For the purposes of the Agreement, the term "investment" means any kind of asset invested before or after the entry into force of the Agreement by a natural or legal person of a Contracting Party in the territory, in accordance with the laws and regulations of the latter.
The term "investment" includes:
- movable and immovable property and any other property right, such as mortgages, liens or pledges, etc;
- equity securities, bonds, capital stock, shares and other negotiable debt instruments or documents, as well as public securities and the state in general;
- credits for sums of money, as well as reinvested income;
- copyrights, trademarks, patents, industrial designs and other intellectual and industrial property rights, know-how, trade names and goodwill;
- any other economic rights accruing by law or contract and any license, concession and franchise granted in accordance with the existing provisions for the exercise of economic activities, including prospecting, cultivation, extraction and exploitation of natural resources.
As established by the Agreement, to carry out feasibility studies, establish, develop, administer or make consultations on the transactions related to an investment, citizens of the two Parties and their family members will be allowed to enter and reside in the territory of the other Party, in accordance with the laws and regulations of that Party.
Each Contracting Party shall at all times ensure fair and equitable treatment of investments made by investors of the other Contracting Party and that the management, maintenance, enjoyment, use, transfer, processing, sale and liquidation of investments carried out on its territory by investors of the other Contracting Party, and the companies in which they have been carried out such investments are not in any way subject to unreasonable or discriminatory measures.
Each Contracting Party shall endeavor to disclose all laws, regulations, practices and administrative procedures relating to investment.
Should investors of either Contracting Party suffer losses in the investments made in the territory of the other Contracting Party due to war or other armed conflict, state of emergency, insurrection, riot or other similar events, the Contracting Party in which it is the investment was made will offer investors of the other Contracting Party fair compensation and treatment no less favorable than that accorded to its own nationals or to nationals of a third State.
Investments can not be subject to measures that could permanently or temporarily limit its ownership, possession, control or enjoyment, except in cases specifically provided for by law and based on judgments or orders issued by the courts or tribunals that have jurisdiction.
Investments of investors of one Contracting Party shall not be directly or indirectly nationalized, expropriated, requisitioned or subjected to measures having equivalent effect in the territory of the other Contracting Party, except for reasons of public policy or national interest, the payment of prompt, full and effective compensation and, in the case of adoption of such measures, they should be adopted on a non-discriminatory basis and in accordance with the provisions and procedures laid down by law.
For more information, please contact Lawyers in Italy.
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Published on 11 February 2016
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