Clifford Chance
Spain: final consolidation of the screening regime on foreign direct investment in Spain
13 July 2023
Among the many measures that the Spanish government put in place as a result of the declaration of a state of emergency due to Covid-19 was the suspension of the deregulation of foreign direct investment in Spain, establishing a general prior authorisation requirement for them, whereas in the past this was required only on an exceptional basis, in the case of investments made by non-residents of EU member states and countries not party to EFTA (although this requirement did apply to the latter until 2024, inclusive, on a transitional basis). With the approval of Royal Decree 571/2023, which further develops the law’s generic wording, the screening regime on foreign investment is now made permanent; we set out the main changes it introduces.
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