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DOCUMENTS CONCERNING THE ACCESSION OF THE KINGDOM OF SPAIN AND THE PORTUGUESE REPUBLIC TO THE EUROPEAN COMMUNITIES, ACT CONCERNING THE CONDITIONS OF ACCESSION OF THE KINGDOM OF SPAIN AND THE PORTUGUESE REPUBLIC AND THE ADJUSTMENTS TO THE TREATIES, ARTICLE 222
Official Journal L 302 , 15/11/1985 P. 0089
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Article 222
1 . Until 31 December 1989 , the Portuguese Republic may maintain a system of advance authorization for direct investments , within the meaning of the First Council Directive of 11 May 1960 for the implementation of Article 67 of the EEC Treaty , as amended and added to by Second Council Directive 63/21/EEC of 18 December 1962 and by the 1972 Act of Accession , carried out in Portugal by nationals of other Member States and connected with the exercise of the right of establishment and the freedom to provide services and whose overall value exceeds the following amounts :
- during 1986 : 1,5 million ECU ,
- during 1987 : 1,8 million ECU ,
- during 1988 : 2,1 million ECU ,
- during 1989 : 2,4 million ECU .
2 . The provisions of paragraph 1 shall not apply to direct investments concerning the credit institutions sector .
3 . For every investment project subject to advance authorization pursuant to paragraph 1 , the Portuguese authorities must take a decision at the latest two months after the application has been made . If no decision is taken within this time limit , the proposed investment shall be deemed to be authorized .
4 . The investors covered by paragraph 1 may not be treated differently from one another nor be granted less favourable treatment than that granted to nationals of third countries .
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