Protection of Lebanese investments in Italy.
Agreement between Lebanon and Italy on the promotion and reciprocal protection of investments.
The agreement between the Italian Republic and the Lebanese Republic on the reciprocal promotion and protection of investments was signed in Beirut on 7 November 1977.
For the purposes of the Agreement, the term “investor” means any natural or legal person of a Contracting Party investing in the territory of the other Contracting Party as well as the subsidiaries and branches registered and having a seat in the territory of one of the Contracting Parties and controlled in anyway by the above natural andlegal persons.
The term “natural person”, in reference to either Contracting Party, means any natural person holding the nationality of that State in accordance with its laws. The term “legal person”, in reference to either Contracting Party means any public institution, foundation, association or any entity registered in either Contracting Party and having its head office in its territory which are constituted or otherwise duly organized under the law of that Contracting Party.
The term "investment" means every kind of asset established or acquired by any investor of one Contracting Party in the territory of the other Contracting Party in accordance with the laws and regulations of the latter and shall include particularly, but not exclusively:
a) movable and immovable property as well as any other rights in rem, such as mortgages, liens, and pledges;
b) debentures, shares and other kinds of interest in companies, irrespective whether these companies are publicly or privately owned;
c) claims to money which have been used to create an economic value or claims to any performance having an economic value;
d) intellectual property rights, such as copyrights, patents, industrial designs or models, trade or service marks, trade names, technical processes, know-how and goodwill, as well as other similar rights recognized by the laws of the Contracting Parties;
e) business concessions under public law, including concessions to search, exploit natural resources.
Each Contracting Party shall in its territory promote investments by investors of the other Contracting Party and admit such investments in accordance with its laws and regulations.
Each Contracting Party, in accordance with its laws and regulations, shall allow the investor to engage top managerial and technical personnel, regardless of nationality and grant the related permits.
Each Contracting Party shall protect within its territory investments made inaccordance with its laws and regulations by investors of the other Contracting Party and shall not impair by unreasonable or discriminatory measures the management, maintenance, use, enjoyment, extension, sale or liquidation of such investments.
Investments by investors of either Contracting Party shall enjoy full protection and security in the territory of the other Contracting Party. Neither of the Contracting Parties shall take, either directly or indirectly, de jure or de facto, measures of expropriation, nationalization or anyother measures having the same nature or the same effect against investments of investors of the other Contracting Party, unless the measures are taken in the public interest as established by law, on a non- discriminator basis, and under due process of law, and provided tha tprovisions be made for effective and adequate compensation, according to the enforced national law without any kind of discrimination.
Investors of either Contracting Party whose investments suffer losses or damages in the territory of the other Contracting Party owing to war or other armed conflict, revolution, a state of national emergency, civil strife, or revolt, shall be accorded treatment, as regards restitution, indemnification, compensation or other valuable consideration.
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Published on 09 December 2015
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