{"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 &#8211; 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 &#8211; 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 &#8211; 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\" 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-7a7ae1df elementor-hidden-tablet elementor-hidden-mobile \" data-id=\"7a7ae1df\" 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-356f643e elementor-widget elementor-widget-spacer\" data-id=\"356f643e\" 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 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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 &#8211; 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 &#8211; 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 &#8211; 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":"","_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 v27.1.1 - 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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