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Bilateral Investment Treaty (“BIT”)
A Bilateral Investment Treaty (“BIT”) allows for companies to advance and protect their business interests in foreign countries. It is a remedy to protect direct foreign investment by one country into another, basically helping to defend foreign situs assets from expropriation or nationalisation. To assist in reducing the risk of investing in some nations, if structured properly, many Barbados resident companies can enjoy certain protections provided under BITs. BITs provide dispute resolution through the Washington, D.C. based International Centre for Settlement of Investment Disputes.
Provisions of Barbados’s BITs include:
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investment promotion and investment
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provision for the compensation for losses
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the granting of the most favoured nation and national treatment provisions
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protection from unfair expropriation and nationalisation of investment
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procedures for fair and equitable settlement of disputes arising
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procedures for the timely repatriation of investment and returns
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procedures for prompt transfer of funds
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subrogation
Barbados presently has BIT’s with Canada, China, Cuba, Germany, Italy, Mauritius, Switzerland, United Kingdom and Venezuela. If structured properly, this may reduce the risk of investment by foreign investors. A BIT was signed with Ghana in 2008 but it is not yet in effect.
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