Protection of the foreign investment in a host state is one of the main concerns of international law in today's business and economics world. However, the question of which investors' conducts should be protected is subject to controversy. Since the occurrence of indirect expropriation depends on the understanding of the concept of indirect expropriation, we will explore the elements and components of this concept. In spite of numerous conflicting international tribunal awards on settlement of

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... disputes arising from expropriation and its various forms, it seems that a solution should be sought by looking at the circumstances of individual case. This article aims to provide criteria for determining indirect expropriation by focusing on the attitude of the domestic legislator as well as the international guidelines and doctrines. In doing so, the International Centre for Settlement of Investment Disputes(ICSID) and Iran - United States Tribunal cases are considered.