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Article 5

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Article 5

    1
  • Each Contracting Party shall in respect of investments made in its territory guarantee the free transfer of:
    • a)amounts yielded by an investment, and in particular though not exclusively, profits, interest, capital gains, dividends, royalties or fees;
    • b)funds necessary
    • (i)for the acquisition of raw or auxiliary materials, semi-fabricated or finished products for an investment;
    • (ii)to replace capital assets in order to safeguard the continuity of an investment;
    • c)additional funds necessary for the expansion of an investment;
    • d)funds in repayment of loans incurred for an investment;
    • e)a reasonable portion of the earnings of natural persons in respect of salaried work and services performed in relation to an investment;
    • f)the proceeds of sale or liquidation of an investment;
    2
  • The transfers referred to in paragraph 1 of this Article shall be made in a freely convertible currency without undue restrictions or delay.
    3
  • Notwithstanding the provisions of paragraphs 1 and 2 of this Article, the free transfer shall be subject to the following conditions:
    • (i)approval of the investment in accordance with the exchange control regulations in force at the time the investment was made, if at that time such approval was required;
    • (ii)in relation to the item mentioned under (d) of paragraph 1, the prior consent, if required, of the competent authorities with respect to the repayment schedule, in accordance with the exchange control regulations in force at the time the loan was contracted.
    4
  • Each Contracting Party retains the right not to apply the provisions of paragraphs 1 and 2 of this Article to the item mentioned under paragraph 1(f) of this Article in cases of exceptional balance of payments difficulties and where large sums are involved. The exercise of this right shall be subject to the following conditions:
    • (i)it may be used for a limited period only, and only to the extent necessary;
    • (ii)it shall be exercised on a basis of non-discrimination;
    • (iii)at the request of the other Contracting Party there shall be prompt and adequate consultations on the measures taken in exercise of the right referred to in this paragraph;
    • (iv)transfer of a minimum of thirty-three and one-third (331/2) percent a year is guaranteed.

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