Does your investment in Spain need prior authorisation?

✍ Juan Manuel Calderón Godoy, Spanish lawyer (ICAS 7.291)🔄 Updated: 29 October 2026

Under Spain's foreign direct investment (FDI) screening rules, a non-EU/EFTA investor (or an EU investor more than 25% owned by one) acquiring 10% or more, or control, of a Spanish company in a strategic sector needs government authorisation before closing. Some investors, such as state-controlled funds, need it in any sector. Answer six questions below to see where your deal stands.

Indicative checker based on art. 7 bis of Law 19/2003, Royal Decree 571/2023 and the transitional regime for EU investors in force until 31 December 2026. The result appears at the end. Your answers are not stored or sent anywhere.

1. Where is the investor resident? In the European Union or EFTA (Iceland, Liechtenstein, Norway or Switzerland) Outside the EU and EFTA

2. Is more than 25% of the investor (capital or control) held by persons or entities resident outside the EU and EFTA?

Only for EU or EFTA investors.

Yes No

3. Will the investor reach at least 10% of the Spanish company's share capital, or control of it? Yes No

4. Does the company operate in a strategic sector?

Critical infrastructure (energy, transport, water, health, communications, media, data, aerospace, defence, finance), critical technologies (AI, robotics, semiconductors, cybersecurity, biotech), supply of essential inputs, access to sensitive information, or the media.

Yes No Not sure

5. Does any of the following apply to the investor?

Controlled by the government of a non-EU country (including sovereign wealth funds), has invested in sensitive sectors of another Member State, or is subject to proceedings for criminal or illegal activities.

Yes No Not sure

6. Is the company listed in Spain, or does the investment exceed EUR 500 million?

Only for EU or EFTA investors (transitional regime).

Yes No

Indicative result only. It does not cover every case (for example, value-based exemptions or simplified procedures) and is not a substitute for analysing each transaction.

Frequently asked questions

Who needs authorisation to invest in Spain?

As a rule, investors resident outside the EU and EFTA, and EU or EFTA investors more than 25% owned or controlled by residents outside those countries, when they acquire at least 10% or control of a Spanish company in a strategic sector. Some investors need it whatever the sector (art. 7 bis.3 Law 19/2003).

Does it affect EU investors?

Until 31 December 2026, a transitional regime requires EU and EFTA investors to obtain authorisation in strategic sectors when the target is a listed company or the investment in an unlisted company exceeds EUR 500 million.

What happens if authorisation is not obtained?

The investment has no legal validity or effect until it is regularised (art. 7 bis.5 Law 19/2003), and the investor is exposed to penalties.

Planning an investment in Spain?

Analysis of the authorisation requirement, the application itself and deal structuring. Spanish version: control de inversiones extranjeras; French version: contrôle des investissements étrangers.

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