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Agreement
between the Government of the Republic of Kazakhstan and the Government of the Republic of Estonia
on the promotion and reciprocal protection of investments
The Government of the Republic of Kazakhstan and the Government of the Republic of Estonia (hereinafter the «Contracting Parties»);
desiring to promote greater economic co-operation between them, with respect to investment made by investors of one Contracting Party in the territory of the other Contracting Party;
recognising that agreement on the promotion and reciprocal protection to be accorded to such investment will stimulate the flow of private capital and the economic development of the Contracting Parties;
agreeing that a stable framework for investment will maximise effective utilisation of economic resources and improve living standards;
have agreed as follows:
Article 1
Definitions
For the purposes of this Agreement:
1. The term «investor» means in respect of either Contracting Party:
a) a natural person, who is a national of a Contracting Party and who makes an investment in the territory of the other Contracting Party;
b)a legal entity which is incorporated or properly organised under the legislation of the State of that Contracting Party and is the owner, possessor or shareholder of an investment in the territory of the other Contracting Party.
2. In respect of the Republic of Estonia the term «investor» also means a legal entity of a Member State of the European Union or of the European Economic Area who, within the context of freedom of establishment pursuant to Articles 49 and 54 of the Treaty on Functioning of European Union, enjoys freedom of establishment as an agency or permanent establishment in the Republic of Estonia.
3. The term «investment» means every kind of asset invested by investors of one Contracting Party in the territory of the other Contracting Party in accordance with the legislation of the latter State and shall include in particular:
a) movable and immovable property as well as any other rights, such as mortgages, pledges, usufructs and similar rights;
b) stocks, shares and other forms of participation in companies;
c) returns reinvested, debentures, claims to money or any other rights to legitimate performance having financial value related to an investment;
