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Investment relations between states have often been challenged by investors maneuvering to maximize the benefits they can draw from inter-government investment treaties. Treaty shopping, which is part of this trend, refers to an increasingly frequent practice in which foreign investors seek to acquire a “useful” nationality by changing their domicile or by restructuring their investments to benefit from the protection of a BIT signed between a state of which they are not nationals and the host state in which they have invested. This article, after reviewing the practice of treaty shopping and looking at arbitration case law on investment, will examine provisions in some new generation investment treaties that seek to avoid this scrambling.