{"id":16311,"date":"2025-03-18T11:30:55","date_gmt":"2025-03-18T11:30:55","guid":{"rendered":"https:\/\/sff-camara.com\/?p=16311"},"modified":"2025-03-18T17:47:25","modified_gmt":"2025-03-18T17:47:25","slug":"proteger-las-inversiones-en-america-latina-como-afrontar-el-riesgo-politico-con-los-tratados-bilaterales-de-inversion","status":"publish","type":"post","link":"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/proteger-las-inversiones-en-america-latina-como-afrontar-el-riesgo-politico-con-los-tratados-bilaterales-de-inversion\/","title":{"rendered":"Proteger las inversiones en Am\u00e9rica Latina &#8211; C\u00f3mo afrontar el riesgo pol\u00edtico con los Tratados Bilaterales de Inversi\u00f3n"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16311\" class=\"elementor elementor-16311 elementor-16310\">\n\t\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-f377bdd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f377bdd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26c6730c \" data-id=\"26c6730c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ba72526 elementor-widget elementor-widget-heading\" data-id=\"7ba72526\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Proteger las inversiones en Am\u00e9rica Latina \u2013 C\u00f3mo afrontar el riesgo pol\u00edtico con los Tratados Bilaterales de Inversi\u00f3n<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22afa2a4 elementor-widget elementor-widget-spacer\" data-id=\"22afa2a4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f1fdaa8 elementor-widget elementor-widget-text-editor\" data-id=\"4f1fdaa8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/categoria\/sff-magazine-marzo-2025\/\" rel=\"tag\">SFF Magazine Marzo 2025<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-31767f27 elementor-widget elementor-widget-spacer\" data-id=\"31767f27\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4070c3d elementor-widget elementor-widget-image\" data-id=\"4070c3d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.charlesrussellspeechlys.com\/en\/our-locations\/offices\/luxembourg\/\" target=\"_blank\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2024\/08\/CRS-Logo-e1723999350522.png\" class=\"attachment-medium size-medium wp-image-14638\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8676ac4 elementor-widget elementor-widget-spacer\" data-id=\"8676ac4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3eef0661 elementor-widget elementor-widget-text-editor\" data-id=\"3eef0661\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tTem\u00e1ticas: <a href=\"https:\/\/sff-camara.com\/es\/temticas\/asset-management-es\/\" rel=\"tag\">Asset Management<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/latam-es\/\" rel=\"tag\">LATAM<\/a>, <a href=\"https:\/\/sff-camara.com\/es\/temticas\/legal-es\/\" rel=\"tag\">Legal<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-51e6189 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"51e6189\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9d362e4 \" data-id=\"9d362e4\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a212209 elementor-widget elementor-widget-text-editor\" data-id=\"a212209\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>1. Introducci\u00f3n<\/b><\/h5><p>La regi\u00f3n de Am\u00e9rica Latina (<b>LatAm<\/b>) ofrece oportunidades de inversi\u00f3n atractivas para inversores internacionales. Con una poblaci\u00f3n de 656 millones de habitantes (mercado potencial), una gran riqueza de recursos naturales y econom\u00edas que incluyen la 9.\u00aa y la 12.\u00aa m\u00e1s grandes del mundo (Brasil y M\u00e9xico, respectivamente), la regi\u00f3n resulta interesante desde una perspectiva empresarial. <\/p><p>Sin embargo, invertir en pa\u00edses de LatAm implica enfrentar riesgos pol\u00edticos considerables que deben manejarse adecuadamente. Estos riesgos pol\u00edticos abarcan gobiernos de extrema izquierda, entornos (semi)dictatoriales y una significativa inestabilidad pol\u00edtica y econ\u00f3mica. <\/p><p>En este contexto, la protecci\u00f3n de activos se ha convertido en un factor importante al estructurar inversiones en Am\u00e9rica Latina. En particular, la posibilidad de acogerse a la protecci\u00f3n de un Tratado Bilateral de Inversi\u00f3n (<b>TBI<\/b>) es actualmente un elemento que los inversores internacionales valoran mucho. <\/p><p>A continuaci\u00f3n, analizamos algunos aspectos relevantes de los TBIs de Luxemburgo, as\u00ed como comentarios derivados de experiencias pr\u00e1cticas recientes a la hora de estructurar inversiones en la regi\u00f3n de LatAm.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d96d2d1 elementor-widget elementor-widget-text-editor\" data-id=\"d96d2d1\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>2<\/b>. <b><span class=\"Apple-converted-space\">Panorama general de los TBIs<\/span><\/b> <\/h5><p>Los TBIs son acuerdos internacionales entre dos pa\u00edses que incluyen compromisos rec\u00edprocos para promover y proteger las inversiones privadas. En la actualidad, existen alrededor de 2.222 TBIs en vigor, adem\u00e1s de unos 390 tratados multilaterales de inversi\u00f3n y acuerdos comerciales con disposiciones sobre inversi\u00f3n. <\/p><p>Actualmente, Luxemburgo (concretamente, la <b>Uni\u00f3n Econ\u00f3mica B\u00e9lgica-Luxemburgo<\/b> \u2013 <b>BLEU<\/b>) cuenta con los siguientes TBIs en vigor con pa\u00edses de Am\u00e9rica Latina:<\/p><ol><li>Argentina<\/li><li>Chile<\/li><li>El Salvador<\/li><li>Guatemala<\/li><li>M\u00e9xico<\/li><li>Paraguay<\/li><li>Per\u00fa<\/li><li>Uruguay<\/li><li>Venezuela<\/li><\/ol><p>Los siguientes TBIs han sido firmados, pero a\u00fan no han entrado en vigor:<\/p><ol><li>Brasil<span class=\"Apple-converted-space\"> <\/span><\/li><li>Colombia<\/li><li>Costa Rica<\/li><li>Cuba<\/li><li>Nicaragua<\/li><li>Panam\u00e1<\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-252bcfd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"252bcfd\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-a97bc2f \" data-id=\"a97bc2f\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c02dd6a elementor-widget elementor-widget-text-editor\" data-id=\"c02dd6a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>3.<\/b> <b>Algunos conceptos relevantes<\/b><\/h5><p>En virtud de un TBI, un <b> inversor<\/b> extranjero tiene derecho a iniciar un <b><i>procedimiento de<\/i><\/b> <b><i>arbitraje<\/i><\/b> contra el Estado anfitri\u00f3n, donde se encuentra la <b>inversi\u00f3n<\/b>, por violaci\u00f3n de las <b><i>protecciones sustanciales <\/i><\/b> establecidas en el TBI pertinente.<\/p><p>Las protecciones sustanciales incluyen (entre otras):<\/p><ul><li>Prohibici\u00f3n de medidas irrazonables o discriminatorias<\/li><li>Indemnizaci\u00f3n por <b><i>expropiaci\u00f3n ilegal<\/i><\/b> (incluida la <b><i>expropiaci\u00f3n indirecta<\/i><\/b>)<\/li><li>Trato justo y equitativo,<\/li><li>Protecci\u00f3n y seguridad totales,<\/li><li>Tratamiento nacional,<\/li><li>Trato de naci\u00f3n m\u00e1s favorecida,<\/li><li>Libre transferencia de pagos, y<\/li><li>Cl\u00e1usulas \u201cparaguas\u201d (es decir, la garant\u00eda de cualquier compromiso que el Estado haya asumido en relaci\u00f3n con las inversiones)<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-aba0197 \" data-id=\"aba0197\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-eb7677b elementor-widget elementor-widget-text-editor\" data-id=\"eb7677b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><h5>\u00abEn virtud de un TBI, un <b>inversor<\/b> extranjero tiene derecho a iniciar un <b><i>arbitraje<\/i><\/b> <b><i>procedimiento<\/i><\/b> contra el Estado receptor, donde se encuentra una <b>inversi\u00f3n<\/b>, por violaci\u00f3n de las <b><i>protecciones sustanciales <\/i><\/b>establecidas en el TBI correspondiente\u00bb.<\/h5><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c5166ae elementor-widget elementor-widget-spacer\" data-id=\"c5166ae\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8ebf63a elementor-widget elementor-widget-image\" data-id=\"8ebf63a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"640\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-1024x640.jpeg\" class=\"attachment-large size-large wp-image-16050\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-1024x640.jpeg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-768x480.jpeg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-4de8d49 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4de8d49\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f29f02e \" data-id=\"f29f02e\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-94ddee4 elementor-widget elementor-widget-text-editor\" data-id=\"94ddee4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>En la pr\u00e1ctica, la protecci\u00f3n sustancial que m\u00e1s suele interesar a los inversores internacionales que invierten en Am\u00e9rica Latina es la relativa a la indemnizaci\u00f3n por expropiaci\u00f3n ilegal y el trato justo y equitativo. Hemos observado un creciente inter\u00e9s en la aplicaci\u00f3n de estas protecciones frente a <b>medidas fiscales de car\u00e1cter confiscatorio<\/b> adoptadas por algunos Estados; v\u00e9ase m\u00e1s adelante <\/p><h5><b>\u00bfQu\u00e9 se considera una inversi\u00f3n?<\/b><\/h5><p>El t\u00e9rmino \u201c<b>inversi\u00f3n<\/b>\u201d se define de forma amplia en la mayor\u00eda de los TBIs como \u201ctodo tipo de activo\u201d, acompa\u00f1ado de una lista no exhaustiva de ejemplos, entre ellos:<\/p><ul><li>Bienes muebles e inmuebles,<\/li><li>\u00b7 Hipotecas, embargos, garant\u00edas y usufructos,<\/li><li>Acciones, participaciones o cualquier otra forma de participaci\u00f3n en empresas,<\/li><li>Derechos de cobro de dinero o de cualquier prestaci\u00f3n con valor econ\u00f3mico,<\/li><li>\u00b7 Derechos de autor, derechos de propiedad industrial, procesos t\u00e9cnicos, \u201cknow-how\u201d y fondo de comercio y<\/li><li>\u00b7 Concesiones de derecho p\u00fablico<\/li><\/ul><p>Es importante se\u00f1alar que la protecci\u00f3n en muchos TBIs se extiende tanto a las inversiones \u201cdirectas\u201d como a las \u201cindirectas\u201d.<\/p><h5><b>\u00bfQui\u00e9n se considera un inversor?<\/b><\/h5><p>En virtud de un TBI, los inversores pueden ser <b>personas f\u00edsicas<\/b> o <b>jur\u00eddicas<\/b>.<\/p><p>En el caso<b> <\/b>de las <b>personas f\u00edsicas<\/b>, los inversores son los nacionales de un Estado contratante, pero ten en cuenta que puede haber limitaciones para las personas con doble nacionalidad. Por ejemplo, una persona con nacionalidades luxemburguesa y mexicana que invierta en M\u00e9xico puede no tener acceso al TBI entre la BLEU y M\u00e9xico. <span class=\"Apple-converted-space\"> <\/span><\/p><p>En el caso de las<b> personas jur\u00eddicas<\/b>, existen diversas definiciones. Algunos TBI s\u00f3lo exigen: <\/p><ol><li><b>constituci\u00f3n<\/b> en el estado contratante;<\/li><li>otros requieren (1) la <b>constituci\u00f3n de una sociedad<\/b> y (2) una <b>sede de negocios <\/b><i>(si\u00e8ge reel <\/i>o <i>si\u00e8ge social<\/i>) o un <b>domicilio social<\/b><b> <\/b>en el estado contratante;<\/li><li>otros requieren (1) <b>constituci\u00f3n<\/b>, (2) <b>sede de la empresa\/oficina registrada<\/b>, y (3)<b>actividades econ\u00f3micas<\/b> \u00ab<b>reales\u00bb o \u00absustanciales\u00bb<\/b> en el estado contratante. <\/li><\/ol><p><i>Ejemplo:<\/i><\/p><p>Un inversor internacional que adquiera, a trav\u00e9s de una sociedad holding luxemburguesa, la sociedad holding mexicana de un grupo industrial que incluya diferentes empresas mexicanas e instalaciones de fabricaci\u00f3n situadas en M\u00e9xico, tendr\u00eda acceso, en principio, a la protecci\u00f3n del TBI BLEU \u2013 M\u00e9xico.<\/p><p>En este caso, la sociedad holding luxemburguesa se calificar\u00eda de \u00abinversor\u00bb; las \u00abinversiones\u00bb incluir\u00edan a la sociedad holding mexicana y a las empresas subyacentes, as\u00ed como las instalaciones de fabricaci\u00f3n (como inversiones indirectas). A este respecto, observamos que el TBI UEEM \u2013 M\u00e9xico es del tipo analizado en el punto ii anterior, es decir, podr\u00eda decirse que la sociedad holding luxemburguesa no necesitar\u00eda tener actividades econ\u00f3micas reales o sustanciales en Luxemburgo (bastar\u00eda con su actividad de holding). <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-6ab1348 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6ab1348\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-b8cef6c \" data-id=\"b8cef6c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cf95adc elementor-widget elementor-widget-text-editor\" data-id=\"cf95adc\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<blockquote><h5>\u00abEn la pr\u00e1ctica, la protecci\u00f3n sustantiva m\u00e1s frecuentemente solicitada por los inversores internacionales que invierten en LatAm es la indemnizaci\u00f3n por expropiaci\u00f3n ilegal y el trato justo y equitativo\u00bb.<\/h5><\/blockquote>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-993fc45 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"993fc45\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-9de6e66 \" data-id=\"9de6e66\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a335a0f elementor-widget elementor-widget-text-editor\" data-id=\"a335a0f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>El concepto de \u00abfiscalidad confiscatoria\u00bb<\/b><\/h5><p>Cada vez se presentan m\u00e1s demandas relacionadas con medidas fiscales confiscatorias aplicadas por los Estados. Estas demandas se suelen interponer en virtud de las disposiciones <b>sobre expropiaci\u00f3n<\/b> (indirecta) y <b>trato justo y equitativo<\/b> de los TBI (y se producen con mayor frecuencia, aunque no exclusivamente, en los sectores del petr\u00f3leo y el gas y la miner\u00eda). <span class=\"Apple-converted-space\"> <\/span><\/p><p>Los inversores han impugnado diversas medidas relacionadas con los impuestos, como el impuesto de sociedades, el IVA o el impuesto sobre las ventas, y los impuestos de importaci\u00f3n y exportaci\u00f3n (incluida la retirada de beneficios fiscales\/subvenciones).<\/p><p>En vista del creciente n\u00famero de reclamaciones, algunos Estados est\u00e1n introduciendo excepciones fiscales en los tratados m\u00e1s recientes (m\u00e1s del 40% de los TBI celebrados desde 2010 incluyen excepciones de este tipo).<span class=\"Apple-converted-space\"> <\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d04d22f elementor-widget elementor-widget-text-editor\" data-id=\"d04d22f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>\u00bfQui\u00e9n administra los procedimientos de arbitraje?<\/b><\/h5><p>Los procedimientos de arbitraje pueden someterse a arbitraje administrado:<span class=\"Apple-converted-space\"> <\/span><\/p><ul><li>Por el Centro Internacional de Arreglo de Diferencias (CIADI) o<\/li><li>Seg\u00fan las normas de arbitraje de la Comisi\u00f3n de las Naciones Unidas para el Derecho Mercantil Internacional (CNUDMI) o<\/li><li>Por otra instituci\u00f3n arbitral internacional (menos com\u00fan).<\/li><\/ul><p>Observamos a este respecto que los laudos dictados en el marco del CIADI, organizaci\u00f3n que forma parte del Banco Mundial, tienden a ser acatados por los Estados precisamente porque se trata de una entidad que forma parte del Banco Mundial.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e3c9fd elementor-widget elementor-widget-text-editor\" data-id=\"7e3c9fd\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>\u00bfSe utilizan realmente los TBI?<\/b><\/h5><p>Los inversores invocan con frecuencia las disposiciones sobre resoluci\u00f3n de disputas de los TBI, y en los \u00faltimos a\u00f1os se ha producido un aumento significativo del recurso al arbitraje en virtud de los TBI. Algunos ejemplos recientes de laudos son los siguientes: <\/p><ul><li>En 2024, se conden\u00f3 a Argentina a pagar 160 millones de USD a una empresa kuwait\u00ed en relaci\u00f3n con un <b>contrato de prestaci\u00f3n de servicios de inspecci\u00f3n aduanera<\/b>.<\/li><li>Seg\u00fan se informa, Per\u00fa ha sido condenado a pagar da\u00f1os y perjuicios a un consorcio dirigido por Espa\u00f1a en la primera de un tr\u00edo de demandas ante el CIADI por un <b>proyecto de construcci\u00f3n de una nueva l\u00ednea de metro <\/b>en Lima.<\/li><li>Clorox gan\u00f3 un laudo de 109 millones de USD derivado de <b>las medidas de control de precios <\/b>promulgadas por el gobierno venezolano que obligaron a Clorox a cerrar sus instalaciones de producci\u00f3n en Venezuela en 2014.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-c29ed3f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c29ed3f\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-57a1cfd \" data-id=\"57a1cfd\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4a7f252 elementor-widget elementor-widget-text-editor\" data-id=\"4a7f252\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>4.<\/b> <b>Los pasos procesales t\u00edpicos en un arbitraje del Tratado de Inversi\u00f3n<\/b><\/h5>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-38bf0a9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38bf0a9\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f23f2a1 \" data-id=\"f23f2a1\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48df458 elementor-widget elementor-widget-image\" data-id=\"48df458\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1022\" height=\"356\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Imagen-1-1.png\" class=\"attachment-large size-large wp-image-16306\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Imagen-1-1.png 1022w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Imagen-1-1-768x268.png 768w\" sizes=\"(max-width: 1022px) 100vw, 1022px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-1e445f0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1e445f0\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2c66893 \" data-id=\"2c66893\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b4c6c45 elementor-widget elementor-widget-text-editor\" data-id=\"b4c6c45\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h5><b>Algunas estimaciones de tiempo y costes<\/b><\/h5><ul><li>Por t\u00e9rmino medio, los casos de arbitraje de tratados de inversi\u00f3n pueden durar unos 4,5 a\u00f1os.<\/li><li>Los costes medios en que incurren los demandantes en un arbitraje de tratado de inversi\u00f3n son de aproximadamente 6,4 millones de USD.<\/li><li>Los costes medios incurridos en un arbitraje de tratado de inversi\u00f3n por los demandados (Estados) son de aproximadamente 4,7 millones de USD.<\/li><li>Entre las demandas que prosperan, el importe medio de los da\u00f1os y perjuicios solicitados es de 1.500 millones de USD<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-4e55db19 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4e55db19\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6fa7cf9c \" data-id=\"6fa7cf9c\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-718c371c elementor-widget elementor-widget-spacer\" data-id=\"718c371c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-202f579c elementor-widget elementor-widget-heading\" data-id=\"202f579c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Autores<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<section class=\" elementor-section elementor-top-section elementor-element elementor-element-65e4cc92 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"65e4cc92\" data-element_type=\"section\" data-e-type=\"section\">\r\n\t\t\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\r\n\t\t\t\t\r\n\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-34e688b5 \" data-id=\"34e688b5\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7b00245c elementor-widget elementor-widget-image\" data-id=\"7b00245c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/David-Flores-Cordova-1024x683.jpg\" class=\"attachment-large size-large wp-image-16082\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/David-Flores-Cordova-1024x683.jpg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/David-Flores-Cordova-768x513.jpg 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-484f9fe5 elementor-widget elementor-widget-spacer\" data-id=\"484f9fe5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4f9ce6f9 elementor-widget elementor-widget-heading\" data-id=\"4f9ce6f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h4 class=\"elementor-heading-title elementor-size-default\">David C\u00f3rdova Flores<\/h4>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-55cb64b5 elementor-widget elementor-widget-spacer\" data-id=\"55cb64b5\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bf481e9 elementor-widget elementor-widget-heading\" data-id=\"bf481e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Tax Partner<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1239529f elementor-widget elementor-widget-heading\" data-id=\"1239529f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Charles Russell Speechlys SCS<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t\t<div class=\" elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-2e871414 \" data-id=\"2e871414\" data-element_type=\"column\" data-e-type=\"column\">\r\n\r\n\t\t\t\t\r\n\t\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\r\n\t\t\t\t\t\t\t\t\t\t\r\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-19b910b elementor-widget elementor-widget-image\" data-id=\"19b910b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Tom-Snider-1-1024x683.jpg\" class=\"attachment-large size-large wp-image-16084\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Tom-Snider-1-1024x683.jpg 1024w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Tom-Snider-1-768x512.jpg 768w\" 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elementor-widget elementor-widget-spacer\" data-id=\"5731c218\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73b02069 elementor-widget elementor-widget-heading\" data-id=\"73b02069\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h6 class=\"elementor-heading-title elementor-size-default\">Partner, Head of International Arbitration<\/h6>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6debc03b elementor-widget elementor-widget-heading\" data-id=\"6debc03b\" data-element_type=\"widget\" data-e-type=\"widget\" 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tag-asset-management-es tag-distribucion-de-fondos tag-legal-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/hacia-una-mayor-transparencia-para-los-fondos-alternativos-en-luxemburgo\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/AZTEC-Article-1-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/AZTEC-Article-1-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/AZTEC-Article-1-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/AZTEC-Article-1-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/hacia-una-mayor-transparencia-para-los-fondos-alternativos-en-luxemburgo\/\">\r\n\t\tHacia una mayor transparencia para los fondos alternativos en Luxemburgo\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/hacia-una-mayor-transparencia-para-los-fondos-alternativos-en-luxemburgo\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16160 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-asset-management-es tag-distribucion-de-fondos post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/el-poder-de-los-datos-de-alta-calidad-un-imperativo-estrategico-para-los-gestores-de-activos-y-fondos-de-inversion\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/FE-Fundinfo-Article-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/FE-Fundinfo-Article-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/FE-Fundinfo-Article-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/FE-Fundinfo-Article-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/el-poder-de-los-datos-de-alta-calidad-un-imperativo-estrategico-para-los-gestores-de-activos-y-fondos-de-inversion\/\">\r\n\t\tEl poder de los datos de alta calidad: Un imperativo estrat\u00e9gico para los gestores de activos y fondos de inversi\u00f3n\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/el-poder-de-los-datos-de-alta-calidad-un-imperativo-estrategico-para-los-gestores-de-activos-y-fondos-de-inversion\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16182 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-alternative-investment-es tag-latam-es tag-tax-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/estructuracion-de-las-inversiones-en-america-latina-y-consideraciones-fiscales\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Deloitte-Article-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Deloitte-Article-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Deloitte-Article-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Deloitte-Article-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/estructuracion-de-las-inversiones-en-america-latina-y-consideraciones-fiscales\/\">\r\n\t\tEstructuraci\u00f3n de las inversiones en Am\u00e9rica Latina y consideraciones fiscales\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/estructuracion-de-las-inversiones-en-america-latina-y-consideraciones-fiscales\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16208 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-banking-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/meet-the-team-banque-de-luxembourg\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Banque-de-Luxembourg-Meet-the-Team-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Banque-de-Luxembourg-Meet-the-Team-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Banque-de-Luxembourg-Meet-the-Team-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Banque-de-Luxembourg-Meet-the-Team-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/meet-the-team-banque-de-luxembourg\/\">\r\n\t\tMEET THE TEAM \u2013 Banque de Luxembourg\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/meet-the-team-banque-de-luxembourg\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16255 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-alternative-investment-es tag-asset-management-es tag-distribucion-de-fondos tag-latam-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/tendencias-actuales-en-las-inversiones-iberoamericanas-en-europa\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Cross-CSC-Article-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Cross-CSC-Article-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Cross-CSC-Article-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Cross-CSC-Article-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/tendencias-actuales-en-las-inversiones-iberoamericanas-en-europa\/\">\r\n\t\tTendencias actuales en las inversiones iberoamericanas en Europa\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/tendencias-actuales-en-las-inversiones-iberoamericanas-en-europa\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16311 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-asset-management-es tag-latam-es tag-legal-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/proteger-las-inversiones-en-america-latina-como-afrontar-el-riesgo-politico-con-los-tratados-bilaterales-de-inversion\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/proteger-las-inversiones-en-america-latina-como-afrontar-el-riesgo-politico-con-los-tratados-bilaterales-de-inversion\/\">\r\n\t\tProteger las inversiones en Am\u00e9rica Latina \u2013 C\u00f3mo afrontar el riesgo pol\u00edtico con los Tratados Bilaterales de Inversi\u00f3n\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/proteger-las-inversiones-en-america-latina-como-afrontar-el-riesgo-politico-con-los-tratados-bilaterales-de-inversion\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16350 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-alternative-investment-es tag-latam-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/el-atractivo-de-luxemburgo-para-los-inversores-latinoamericanos\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/NoW-Partners-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/NoW-Partners-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/NoW-Partners-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/NoW-Partners-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t\t\t<figcaption class=\"thumbnail-caption\">\r\n\t\t\t\t\t\t\tThe view of iconic monuments from Adolphe bridge in Luxembourg\t\t\t\t\t\t<\/figcaption>\r\n\t\t\t\t\t\t\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/el-atractivo-de-luxemburgo-para-los-inversores-latinoamericanos\/\">\r\n\t\tEl atractivo de Luxemburgo para los inversores latinoamericanos\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/el-atractivo-de-luxemburgo-para-los-inversores-latinoamericanos\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16373 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-gestion-patrimonial tag-latam-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/luxemburgo-el-refugio-inteligente-para-la-estructuracion-patrimonial-desde-latinoamerica\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/OEL-Fund-Services-Article-600x420.jpeg\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/OEL-Fund-Services-Article-600x420.jpeg 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/OEL-Fund-Services-Article-400x280.jpeg 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/OEL-Fund-Services-Article-570x400.jpeg 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/luxemburgo-el-refugio-inteligente-para-la-estructuracion-patrimonial-desde-latinoamerica\/\">\r\n\t\tLuxemburgo: El Refugio Inteligente para la Estructuraci\u00f3n Patrimonial desde Latinoam\u00e9rica\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/luxemburgo-el-refugio-inteligente-para-la-estructuracion-patrimonial-desde-latinoamerica\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16495 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-asset-management-es tag-diversidad post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/women-who-inspire-finance-maria-andres-riber\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Maria-Andres-Riber-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Maria-Andres-Riber-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Maria-Andres-Riber-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Maria-Andres-Riber-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/03\/18\/\">marzo 18, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/women-who-inspire-finance-maria-andres-riber\/\">\r\n\t\tWomen who inspire: Finance \u2013 Mar\u00eda Andr\u00e9s Riber\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/women-who-inspire-finance-maria-andres-riber\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n\r\n<div class=\"post-wrap \" data-post-image=\"alpha-post-medium\">\r\n\r\n\t\r\n\t<article class=\"post-16693 post type-post status-publish format-standard has-post-thumbnail hentry category-sff-magazine-marzo-2025 tag-asset-management-es tag-banca-digital tag-banking-es post overlay-zoom overlay-dark  post-modern\">\r\n\t\t\t\t\t<figure class=\"post-media\">\r\n\t\t\t\t\t\t\t\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/entrevista-con-jose-luis-acea-rodriguez-consejero-delegado-de-banca-march-2\/\" aria-label=\"Post Media\">\r\n\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"420\" src=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Entrevista-Jose-Luis-Acea-Rodriguez-600x420.png\" class=\"attachment-alpha-post-medium size-alpha-post-medium wp-post-image\" alt=\"\" srcset=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Entrevista-Jose-Luis-Acea-Rodriguez-600x420.png 600w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Entrevista-Jose-Luis-Acea-Rodriguez-400x280.png 400w, https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Entrevista-Jose-Luis-Acea-Rodriguez-570x400.png 570w\" sizes=\"(max-width: 600px) 100vw, 600px\" \/>\t\t\t\t<\/a>\r\n\t\t\t<\/figure>\r\n\t\t\t<div class=\"post-details\">\r\n\t<div class=\"post-meta\">\r\n\t<a class=\"post-date\" href=\"https:\/\/sff-camara.com\/es\/2025\/06\/14\/\">junio 14, 2025<\/a>\r\n\r\n\t<\/div>\r\n<h3 class=\"post-title\">\r\n\t<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/entrevista-con-jose-luis-acea-rodriguez-consejero-delegado-de-banca-march-2\/\">\r\n\t\tEntrevista con Jos\u00e9 Luis Acea Rodr\u00edguez, Consejero Delegado de Banca March\t<\/a>\r\n<\/h3>\r\n<a href=\"https:\/\/sff-camara.com\/es\/sff-magazine-marzo-2025\/entrevista-con-jose-luis-acea-rodriguez-consejero-delegado-de-banca-march-2\/\" class=\"btn btn-link btn-underline btn-primary\">Leer m\u00e1s <i class=\"a-icon-long-arrow-right\"><\/i><\/a><\/div>\r\n\t<\/article>\r\n\r\n\t\r\n<\/div>\r\n\r\n<\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1457a4cf elementor-widget elementor-widget-spacer\" data-id=\"1457a4cf\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\r\n\t\t\t\t<\/div>\r\n\t\t\t\t\t\t\t\t<\/div>\r\n\t\t\t<\/section>\r\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>1. Introducci\u00f3n La regi\u00f3n de Am\u00e9rica Latina (LatAm) ofrece oportunidades de inversi\u00f3n atractivas para inversores internacionales. Con una poblaci\u00f3n de 656 millones de habitantes (mercado potencial), una gran riqueza de [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":16050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false,"footnotes":""},"categories":[293],"tags":[213,167,233],"class_list":["post-16311","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sff-magazine-marzo-2025","tag-asset-management-es","tag-latam-es","tag-legal-es"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Proteger las inversiones en Am\u00e9rica Latina - C\u00f3mo afrontar el riesgo pol\u00edtico con los Tratados Bilaterales de Inversi\u00f3n | SFF<\/title>\n<meta name=\"description\" content=\"Aprende c\u00f3mo los Tratados Bilaterales de Inversi\u00f3n (TBI) protegen las inversiones en Am\u00e9rica Latina contra el riesgo pol\u00edtico, la expropiaci\u00f3n y la fiscalidad injusta.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sff-camara.com\/sff-magazine-march-2025\/protecting-investments-in-latin-america-navigating-political-risk-with-bilateral-investment-treaties\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proteger las inversiones en Am\u00e9rica Latina - C\u00f3mo afrontar el riesgo pol\u00edtico con los Tratados Bilaterales de Inversi\u00f3n | SFF\" \/>\n<meta property=\"og:description\" content=\"Aprende c\u00f3mo los Tratados Bilaterales de Inversi\u00f3n (TBI) protegen las inversiones en Am\u00e9rica Latina contra el riesgo pol\u00edtico, la expropiaci\u00f3n y la fiscalidad injusta.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sff-camara.com\/sff-magazine-march-2025\/protecting-investments-in-latin-america-navigating-political-risk-with-bilateral-investment-treaties\/\" \/>\n<meta property=\"og:site_name\" content=\"SFF\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-18T11:30:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-03-18T17:47:25+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sff-camara.com\/wp-content\/uploads\/2025\/03\/Alaluz-Capital-Article-1-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"SFF\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"SFF\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/sff-camara.com\\\/sff-magazine-march-2025\\\/protecting-investments-in-latin-america-navigating-political-risk-with-bilateral-investment-treaties\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/sff-camara.com\\\/sff-magazine-march-2025\\\/protecting-investments-in-latin-america-navigating-political-risk-with-bilateral-investment-treaties\\\/\"},\"author\":{\"name\":\"SFF\",\"@id\":\"https:\\\/\\\/sff-camara.com\\\/#\\\/schema\\\/person\\\/4adb1bc18ccd0824990c909ad888ece9\"},\"headline\":\"Proteger las inversiones en Am\u00e9rica Latina &#8211; 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