Chapter III - Foreign Investment Procedures

Section 2 - Prior Declaration Regime

Article 20 - Framework
Article 21 - Submitting the Proposal
Article 22 - Evaluation of the Proposal
Article 23 - Rejection of the Proposal
Article 24 - Acceptance of the Proposal

ARTICLE 20
(Framework)

Investments valued at the equivalent of between two hundred and fifty thousand and five million U.S. dollars shall be subject to the prior declaration regime.

ARTICLE 21
(Submitting the Proposal)

Foreign investment proposals shall be submitted to the competent body, accompanied by the documentation necessary for the (illegible) and legal characterization of the investor and the planned investment.

ARTICLE 22
(Evaluation of the Proposal)

1. Upon receipt of the proposal the competent body shall have a period of forty-five days in which to evaluate it and render a decision.

2. During that period, the competent body shall solicit the opinion of the Ministry responsible for the area of the investment.

ARTICLE 23
(Rejection of the Proposal)

Rejection of the proposal, which shall be formally communicated to the applicant by the competent body, may only be based on reasons of a strictly legal nature.

ARTICLE 24
(Acceptance of the Proposal)

1. In the absence of express rejection of the proposal, upon expiry of the period referred to in No. 1 of Article 22 the proposal shall be deemed to be accepted, which grants the applicant the right to carry out the investment under the precise terms of t he proposal that was submitted.

2. To this effect, the competent body shall issue, within a period of fifteen days, a statement certifying its acceptance of the proposal, a copy of which, certified by the body shall be returned to the applicant.

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