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Doing business in Armenia

property of the RA citizens and legal entities, proprietary rights and investing activity regime. A foreign investor has even a number of additional privileges. In case of any disagreement between a foreign investor and the Republic of Armenia, the disputes shall be resolved in the RA courts. In case if the Republic of Armenia is not a party of the dispute, the latter shall be resolved in the RA courts or any other bodies resolving economic disputes or, upon the agreement of the parties, in arbitration tribunals unless otherwise provided by international treaties or parties’ preliminary agreement. Concurrently, it is worth noting that beginning from October 16, 1992 Armenia has become a member of the International Center for the Settlement of Investment Disputes (ICSID) and signed the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (Washington, 1992) providing facilities for the resolution of legal disputes between eligible parties, through conciliation or arbitration procedures. The headquarter of the Center created in accordance with this Convention is situated in the headquarter of International Bank for Reconstruction and Development (IBRD). Recourse to the ICSID facilities is always subject to the parties' consent. Today, ICSID is considered to be the leading international arbitration institution devoted to investor-State dispute settlement. Ownership right

Ownership right is established by the Constitution and is regulated by the Land Code (Chapters 13-15) and the Civil Code (Chapters 10-14). The ownership right of the RA citizens is not somehow limited. Foreign citizens (physical persons) Š 2012 Grant Thornton CJSC. All rights reserved. 11