“一带一路”沿线国家海外投资间接转股的外资法风险

针对海外投资者的转股行为会导致投资者在该东道国外资法中所定义的投资者身份发生变化、带来投资风险的问题，从“一带一路”沿线国家中选取了13个国家的外资基本法、单行法或外资相关法律法规等，分析其在境外投资转股处理中的不同模式，以及投资者进行配合检查与登记申报、规定该类转股等行为，并对13个国家与中国的双边投资协定进行研究。研究认为，大多数投资协定尊重东道国国内法对于外国投资者身份变化问题的认定，投资者在境外间接转股或海外投资时应注重满足东道国法律对于外资股权变动的批准和登记要求，对于间接转股可能带来的外资法使用变化保持敏感，注意避免被认定为法律规避或对东道国国家安全存在威胁；中国投资者应注重对于东道国内相关法律在身份转股方面的合规工作，配合中国其他相关规定和辅助保险类措施，遵守双边投资协定中不同的待遇和争议解决规定，降低或防范外资转股身份变动问题为海外投资可能带来的法律风险。

Countries along the Belt and Road indirect share transfer legal risk from foreign investment law

Indirect share transfer may lead to changes in the identity of investors defined in the foreign investment law of the host country, thus affecting the application of this law. This paper selected foreign capital basic law, single law or foreign investment laws and regulations from 13 countries along “The Belt and Road”, analyzed its different models in overseas investment share-transfer, as well as the behavior of investors to cooperate with the inspection, registration declaration and provisions of such conversion, and studied the bilateral investment agreements between these 13 countries and China. The results show that most investment agreements respect the determination of the identity of foreign investors in the domestic law of the host country. Investors should pay attention to the approval and registration requirements of the change of foreign ownership in the process of overseas indirect share-transfer or overseas investment. Investors should also be sensitive to changes in the use of foreign capital laws that may be associated with indirect share transfer, avoiding to be taken as legal circumvention or as a threat to the security of the host country.