BackThe new Royal Decree 571/2023, approved on 4 July 2023 and published on 5 July 2023, established provisions regarding foreign investments that came into force on 1 September 2023.
Its main purpose is to extend and clarify the regulations concerning foreign investments, in accordance with Law 19/2003 of 4 July 2003 on the legal regime of capital movements and international economic transactions.
This new decree will repeal the previous Royal Decree 664/1999 of 23 April 1999 on foreign investments, thus adapting the regulations to legal developments and to Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019.
Its objectives include improving the quality of statistics at international level, reducing administrative burdens for investors and providing greater clarity in cases of suspension of the foreign investment regime.
The main purpose is to provide legal certainty for investors in our country.
The decree establishes criteria for determining which types of foreign companies and operations require prior authorisation by the Administration, as well as exemptions to the authorisation regime and the reduction of administrative deadlines for foreign investors, reducing the resolution period from six to three months.
It also introduces the option of voluntary consultation, binding on the administration, with a response period of 30 working days.
As for its scope of application, the decree applies to foreign direct investments, both those made in Spain from abroad and those made abroad from Spain.
However, it does not affect special regimes regulating specific sectors with foreign investments, which must comply with the requirements established by the corresponding sectoral regulations.
This new decree addresses aspects such as the purpose and scope of application, the declaration of foreign investments, the regime of suspension of the foreign investment liberalisation regime, and the bodies and obligations related to foreign investments, among other issues.
The transitional provisions aim to ensure continuity in investment declarations and the proper functioning of the Investment Register during the process of implementation of the new decree.
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