Ley de Promoción de Inversiones Extranjeras

LEY Nº. 344

GAZETTE OF WEDNESDAY, MAY 24, 2000. N° 97 , YEAR CIV

[Preamble]

THE PRESIDENT OF THE REPUBLIC OF NICARAGUA

Informs the Nicaraguan people that:

The National Assembly of the Republic of Nicaragua

INASMUCH:

I

That in accordance with the Political Constitution of the Republic of Nicaragua, it is the obligation of the State to enact a law on foreign investment in order to contribute to the economic and social development of the country, without detriment to national sovereignty.

II

That all private investments in the country, both domestic and foreign, must enjoy equal rights and guarantees

III

That the Foreign Investment Law, Law No. 127, of April 12, 1991, contains rights and obligations that do not correspond to the new reality of the country.

In the use of the faculties;

HAS DICTATED

The following:

FOREIGN INVESTMENT PROMOTION LAW

Article 1. Object

The purpose of this Law is to establish the legal provisions that regulate the promotion of foreign investment.

Article 2. Definitions

For the purposes of this Law, the following definitions apply:

1. "Foreign Investment" is that which is made through the transfer to Nicaragua of foreign capital, understood as that which comes from abroad regardless of the nationality or place of residence of the investor.

2. "Foreign Investor" means any natural or legal person who makes foreign investments as defined above.

3. "Capital" shall mean any kind of rights, goods and assets having economic value, under the following modalities:

to. Convertible foreign currencies.

b. Tangible assets, in any form or condition that are introduced into the country under the general regulations applicable to imports made with own funds.

c. Technology in its various forms, provided that it can be classified as capital, taking into account its real price in international markets.

d. Capitalization of loans obtained by the investor in freely convertible currency.

Article 3. Rights and Obligations

The State of Nicaragua encourages and promotes foreign investment. The foreign investor shall be subject to all the legal precepts of general observance in the territory of the Republic of Nicaragua and shall enjoy the same rights and the means of exercising them that the laws grant to Nicaraguan investors. Exceptions to the foregoing provision are cases related to national security and public health, as well as the limitations provided for in the Political Constitution. The foreign investor and his investment are regulated by the provisions of this law, without prejudice to the application of the special laws applicable to each particular investment.

Article 4. Recognition

The foreign investor is recognized as fully exercising the right to enjoy, use, enjoy, and control the property related to his investment, unless it is for reasons of public utility and social interest declared by the competent authority, in which the compensation provided for in the terms established in Article 44 of the Political Constitution will be applicable.

Article 5. Other Rights

The foreign investor enjoys free access to the purchase and sale of available foreign currency and to the free convertibility of currency, in accordance with the provisions of national laws and regulations on foreign exchange matters and on equal terms with the national investor. Among others, the foreign investor may freely carry out, without prejudice to any obligation enforceable in the country:

to. Transfers abroad related to their invested capital, or by dissolution and liquidation or voluntary sale of foreign investment.

b. The remittance of any profit, dividend or profit generated in the national territory, after payment of the corresponding taxes.

c. The payment and remittance of payments arising from debts contracted abroad and the interest accrued thereon, as well as royalties.

d. Rentals and technical assistance.

e. Pagos derivados de indemnización por concepto de expropiación.

Los casos de inversiones financieras de corto plazo estarán sujetos a reglamentación por parte de la Superintendencia de Bancos y Otras Instituciones Financieras.

Artículo 6. Seguros bajo convenios internacionales

Los seguros sobre riesgos no comerciales para la inversión extranjera que se encuentren respaldados por tratados o convenciones bilaterales o multilaterales, debidamente suscritos, aprobados y ratificados por el Estado de Nicaragua, serán regidos por las normas o disposiciones de tales instrumentos internacionales y las leyes o reglamentos internos que de tales instrumentos se pudieran derivar.

Artículo 7. Doble Tributación

La doble tributación externa quedará sujeta a los convenios y tratados que sobre la materia suscriba el Estado de Nicaragua con otros países.

Artículo 8. Arbitrajes

Toda diferencia, controversia o reclamo que surja o se relacione con las inversiones extranjeras reguladas por la presente Ley, podrán someterse a Arbitraje Internacional de acuerdo con lo que se disponga reglamentariamente, sin perjuicio de la aplicación de las normas legales nacionales vigentes y los convenios de los que la República de Nicaragua sea parte.

Artículo 9. Órgano competente

Para los efectos de lo dispuesto en la presente Ley, la instancia competente para velar por su cumplimiento es el Ministerio de Fomento, Industria y Comercio en coordinación con otras instituciones estatales.

Los Inversionistas extranjeros que deseen acogerse a los beneficios de la presente Ley, deberán notificar al Ministerio de Fomento, Industria y Comercio, la inversión extranjera que pretendan efectuar, para su inscripción y actualización en el Registro Estadístico de Inversiones Extranjeras que llevará dicho Ministerio, de conformidad al procedimiento que se establezca en el reglamento.

Artículo 10. Reglamento

El Presidente de la República reglamentará la presente Ley.

Artículo 11. Derogación

Se deroga la Ley de Inversiones Extranjeras, Ley N° 127, del 12 de abril de 1991.

Artículo 12. Transitorio

Las inversiones extranjeras que fueron registradas de conformidad con la Ley N° 127, del 12 de abril de 1991 publicada en la Gaceta Diario Oficial numero ciento trece del 20 de junio de 19991 o leyes anteriores,

continuarán rigiéndose por ellas, salvo que se sometan voluntariamente a la presente Ley, en un plazo no mayor de un año a partir de su entrada en vigencia.

Artículo 13. Vigencia

Esta Ley entrará en vigencia treinta días después de su publicación en “La Gaceta” Diario Oficial.