ALCA FTAA ZLEA - Investment: Transfers - Canada/Trinidad & Tobago

Free Trade Area of the Americas - FTAA

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Investment Agreements in the Western Hemisphere: A Compendium

Agreement Between Canada and Trinidad & Tobago
11 September 1995

Subject: IV. Transfers

A. Types of Payment

1. Returns
Yes. Each Contracting Party shall guarantee to an investor of the other Contracting Party the unrestricted transfer of investments and returns. Without limiting the generality of the foregoing, each Contracting Party shall also guarantee to the investor the unrestricted transfer of: a) funds in repayment of loans related to an investment; b) proceeds of the total or partial liquidation of any investment; c) wages and other remuneration accruing to a citizen of the other Contracting Party who was permitted to work in connection with an investment in the territory of the other Contracting Party; d) any compensation owed to an investor by virtue or Articles VII or VIII of the Agreement. (Article IX (1)). Neither Contracting Party may require its investors to transfer, or penalize its investors that fail to transfer, the returns attributable to investments in the territory of the other Contracting Party. (Article IX (4)).

2. Repayment of Loans
Yes. (Article IX (1) (a)).

3. Proceeds of Total or Partial Liquidation of an Investment
Yes. (Article IX (1) (b)).

4. Licenses and Other Fees

5. Other Categories of Payments Yes. (Article IX (1) (c), (d)).

B. Convertibilty and Exchange Rates

1.Currency
Transfers shall be effected without delay in the convertible currency in which the capital was originally invested or in any other convertible currency agreed by the investor and the Contracting Party concerned. (Article IX (2)).

2. Exchange Rates
Unless otherwise agreed by the investor, transfers shall be made at the rate of exchange applicable on the date of transfer. (Article IX (2)).

3. Time of Transfer
Transfers shall be effected without delay. (Article IX (2)). Notwithstanding paragraphs 1 and 2 of Article IX, a Contracting Party may prevent a transfer through the equitable, non-discriminatory and good faith application of its laws relating to: a) bankruptcy, insolvency or the protection of the rights of creditors; b) issuing, trading or dealing in securities; c) criminal or penal offenses; d) reports or transfers of currency or other monetary instruments; or e) ensuring the satisfaction of judgments in adjudicatory proceedings. (Article IX (3)). Article IX (4) shall not be construed to prevent a Contracting Party from imposing any measure through the equitable, non-discriminatory and good faith application of its laws relating to the matters set out in sub-paragraphs (a) through (c) of Article IX (3). (Article IX (5)). Notwithstanding paragraphs (1), (2) and (4) of Article IX, and without limiting the applicability of Article IX (3), a Contracting Party may prevent or limit transfers by a financial institution to, or for the benefit of, an affiliate of or person related to such institution or provider, through the equitable, non discriminatory and good faith application of measures relating to maintenance of the safety, soundness, integrity or financial responsibility of financial institutions. (Article XI (2)).


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