An IIA’s definition of “investor” determines which
investors are protected and able to bring claims
against host States. Increasing policy attention has
been given to “treaty shopping” (i.e. the channelling of
investment through a “mailbox” company established
in the territory of a Party in order to obtain treaty
protection) and investment “round-tripping” (i.e.,
when domestic investors expatriate investment
capital for reinvestment in their home State through
a foreign corporate vehicle in order to take advantage
of IIA protections not otherwise available to domestic
investors)