Foreign Direct Investment in Spain – National Defence

However, FDI screening in relation to defense investments predates Act 19/2003 (and the recent FDI hype more broadly), and was regulated in Royal Decree 664/1999 of 23 April, on foreign investments (“RD 664/1999”).  On 1 September 2023 Royal Decree 571/2023 of 4 July, on foreign investments (the “Implementing Regulation”) replaced RD 664/199 maintaining the suspension of the general liberalization regime for investments in “activities directly related to national defense”.  Both regimes, i.e., general FDI screening and for investments in defense activities, might apply concurrently to investments in defense in Spain.

You can read the full article here.