The 1999 Royal Decree on foreign investments establishes the possibility to review and, if necessary, prohibit acquisitions of any asset by non-residents when these threaten Spain’s essential security interests.
On 18 March 2020, the Royal Decree-Law No. 8/2020 on extraordinary urgent measures to face the economic and social impact of COVID-19 entered into force. It provides a legal basis for the economic recovery package prepared by the Spanish Government. The Decree-Law states that the pandemic "poses a certain threat to listed Spanish companies, but also to unlisted Spanish companies that are seeing their equity value decline, many of them in strategic sectors of our economy" and that such companies have become an easy target of foreign acquisitions. Consequently, the Decree-Law suspends the liberalization regime for foreign direct investment in Spain regulated in Law 19/2003. Under the enactment, all foreign investors from outside the European Union now require prior governmental authorization to acquire 10% or more of the share capital or an effective management or control of a Spanish company. This applies to Spanish companies engaged in sectors or activities that "affect public order, public safety and public health". This list includes: a) critical infrastructures (energy, transport, water, health, communications, media, data treatment or storage, aerospace, defense, electoral or financial infrastructures, and sensitive facilities), as well as land and real estate that are key to the use of said infrastructures; b) critical technologies and dual-use products, including artificial intelligence, robotics, semiconductors, cyber security, aerospace technologies , defense, energy storage, quantum and nuclear, as well as nanotechnologies and bio-technologies; c) supply of fundamental inputs, in particular energy or those related to raw materials, as well as food security; d) sectors with access to sensitive information, particularly personal data, or with the ability to control such information; e) media.
Furthermore, an authorization is obligatory in relation to foreign investors: a) directly or indirectly controlled by the government, including public bodies or the armed forces; b) that have already made investments or participated in activities in sectors that affect safety, public order and public health in another EU Member State; c) against who an administrative or judicial proceeding has been opened in another EU Member State or in the State of origin or in a third State for carrying out criminal or illegal activities.
On 31 March 2020, Royal Decree-Law 11/2020 was adopted, enlisting additional measures that the Spanish Government undertakes to battle the consequences of the COVID-19 pandemic, including special provisions on the foreign investment regime. The new Decree-Law clarifies, among others, the definition of a foreign investor, whose investment is subject to prior authorization. The earlier Decree-Law applied only to non-EU and non-EFTA investors, but the new Decree-Law extends the scope of FDI screening to cover also EU and EFTA residents, whose real ownership corresponds to residents of countries outside the EU and EFTA. The amendment specifies that a real ownership exists, when a non-EU/EFTA resident controls - directly or indirectly - more than 25% of the investor's capital or voting rights or otherwise exercises control over an investor. On 2 April 2020, Royal Decree-Law 11/2020 entered into force. 
On 19 November 2020, the Royal Decree-Law 34/2020 relating to urgent measures against the COVID-19 pandemic entered into force. Inter alia, it prolongs the regime of suspension of liberalization of certain foreign direct investments in Spain until 30 June 2021. Under that regime, all foreign direct investment in listed companies as well as unlisted companies requires prior clerance, if the investment value exceeds 500 million euros. This applies to an acquisition of 10% or more of stock. Furthermore, the Royal Decree-Law specifies sectors, in which foreign investment is subject to advance screening. New additions include: 1) critical and dual-use technologies, key technologies for industrial leadership and training (telecommunications, artificial intelligence, robotics, semiconductors, cybersecurity, aerospace, defense, energy storage, quantum and nuclear technologies, nanotechnologies, biotechnologies, advanced materials and advanced manufacturing systems); 2) supply of fundamental inputs, in particular energy, or those related to strategic connectivity services or raw materials, as well as food security, and 3) media.
On 23 November 2021, Royal Decree-Law 27/2021 entered into force. Among others, this text extends the application of the temporary regime by which certain investments made by EU/EFTA residents, or by residents in Spain the ultimate ownership of which corresponds to residents of other EU/EFTA countries are subject to authorization. This regime applies only for investments in Spain listed companies and in unlisted companies if the value of the investment exceeds EUR 500 million. Initially to be applied until 31 December 2021, the temporary regime was extended until the 31 December 2022.
On 28 December 2022, Royal Decree-Law 20/2022 entered into force. Among others, this text broadens the definition of the term “foreign direct investment” of Article 7bis of the Law 19/2003 and extends the application of the temporary regime once more until 31 December 2023.
On 1 September 2023, Royal Decree 571/2023 entered into force. The decree requires prior administrative approval for investments impacting public order, security, health, or national security. It refines sector definitions, adjusts exemptions (excluding investments under €5 million turnover, short-term and low-risk energy investments), and standardizes authorization processes within a three-month decision period. Mandatory reporting of FDI in the Investment Registry is required, covering new transactions like intragroup financings and specific shareholder contributions. Exemptions are granted for non-control-seeking portfolio investments.
"Article 1. Object.
This royal decree aims to develop, in relation to investments, Law 19/2003, of July 4, on the legal regime of capital movements and economic transactions abroad.
Article 2. Scope of application.
1. This royal decree will apply to direct foreign investments; Direct foreign investments are considered to be those made in Spain from abroad and those made abroad from Spain.
[...]
Article 3. Subjects of foreign investment in Spain.
For the purposes of the declaration of Investments to the Investment Registry of the Ministry of Industry, Commerce and Tourism, foreign investors in Spain are considered "non-residents" in accordance with the definition of article 2 of Law 19/2003, of 4 of July.
[...]
Article 4. Purpose of foreign investments in Spain.
Foreign investments in Spain, for the purposes established in the following article, will have the following objectives:
a) Participation in the capital of Spanish companies, provided that it is carried out by a non-resident investor who holds or achieves, through this operation, a participation equal to or greater than 10 percent of the issuer's share capital or its voting rights. The constitution of the company, the subscription or total or partial acquisition of its shares and the total or partial assumption or acquisition of social participations are understood to be included under this modality. Likewise, it includes the acquisition of securities issued by resident public or private persons or entities, such as subscription rights for shares, debentures convertible into shares or other similar securities that by their nature give the right to participation in the capital, as well as any legal transaction by virtue of which political rights are acquired in a resident company.
b) The acquisition of participations and shares in collective investment institutions and closed collective investment entities (free investment funds, real estate funds, venture capital funds, alternative investment funds and other figures of a similar nature), provided that The management company is a resident and as a result it will acquire, or has the right to acquire, a participation equal to or greater than 10 percent of the entity's equity or capital stock, as the case may be.
c) Contributions by partners to the net assets of Spanish companies that do not entail an increase in the amount of share capital, provided that the partner has a participation in the capital equal to or greater than 10 percent.
d) The constitution and expansion of the number of non-resident branches in Spain.
e) Financing to Spanish companies or branches from companies of the same group through deposits, credits, loans, negotiable securities or any other debt instrument, whose amount exceeds 1,000,000 euros and, in addition, its amortization period is greater than one calendar year.
f) The reinvestment of profits in Spanish companies, as long as they are carried out by a non-resident investor who holds a stake equal to or greater than 10 percent of the share capital of the Spanish company.
g) Other forms of investment such as the constitution or formalization of joint account contracts, temporary joint ventures, foundations, economic interest groups, or communities of assets; or participation in any of them when the participation of the non-resident investor represents a percentage equal to or greater than 10 percent of the total value and, in addition, is greater than 1,000,000 euros.
h) The acquisition of real estate located in Spain by non-residents, the amount of which exceeds 500,000 euros.
[...]
Article 5. Declaration of foreign investments in Spain to the Investment Registry.
1. Foreign investments in Spain and their disinvestment will be declared to the Investment Registry of the Ministry of Industry, Commerce and Tourism on a mandatory basis and after carrying them out, except as established in section 5 of this article. [...]
2. In general, the investment will be declared by the non-resident holder. When the declaration must be made by a third party, the non-resident holder must provide all the necessary data to carry it out.
[...]
Article 9. Voluntary consultation.
1. Prior to making the investment, the subjects considered in the following article may make a consultation about the application to their specific investment project of the suspension of the investment liberalization regime provided for in articles 13, 14, 18. and 19, that is, its submission to an authorization procedure.
[...]
Article 10. Subjects of foreign investment subject to authorization.
1. The following are considered subjects of foreign investment for the purposes of the application of this chapter:
a) "Non-resident" foreign investors, in accordance with the definition of article 2 of Law 19/2003, of July 4.
b) Foreign "resident" natural persons, regardless of their nationality, when articles 18 and 19 are applicable, pursuant to the provisions of Law 18/1992, of July 1, which establishes certain rules regarding foreign investments in Spain.
2. The Management Companies of the following institutions, entities or figures will be considered holders of the foreign investment and, therefore, subjects of the foreign investment subject to authorization, as long as the partners or beneficiaries do not legally exercise political rights or have privileged access to company information:
a) Collective investment institutions or closed collective investment entities resident in the European Union or the European Free Trade Association, or similar entities or figures that are residents in third countries.
b) Employment pension funds or other retirement investment entities that are authorized and domiciled in the European Union or the European Free Trade Association, or similar entities or figures that are residents in third countries.
[...]
Article 11. Common authorization regime.
1. Need for prior authorization: acts, businesses, transactions and operations whose authorization is mandatory under the provisions of this chapter may be carried out only by previously obtaining the corresponding express administrative authorization and under the conditions established by it. In particular:
a) Investment operations carried out without the required prior authorization will lack validity and legal effects, as long as they are not legalized, without allowing the exercise of the economic and political rights of the foreign investor in the Spanish company that is the object of the investment until the necessary authorization is obtained. [...]
2. Content of the resolutions: The agreements, resolutions or decisions provided for in articles 13, 14, 18, 19 and 20, within the framework of the provisions of Law 19/2003, of July 4, may consist of:
a) Authorizations without conditions.
b) Denials of authorization.
c) Authorizations subject to conditions imposed by the resolution body or to commitments presented by the investor and accepted by the resolution body.
d) File due to withdrawal of the investor or considering that the operation is not subject to any regime of suspension of the liberalization of foreign investments.
In the event that the resolution of the competent administrative body requires the foreign investor to adopt measures to mitigate the risks detected, said resolution will specify the administrative body that, in accordance with its powers, must be responsible for the monitoring of compliance. Said body will resolve any issues that may arise during the surveillance and, following a report from the Foreign Investment Board, will resolve by declaring the surveillance completed.
In the event that the resolution of the competent administrative body requires the foreign investor to adopt measures to mitigate the risks detected, said resolution will specify the administrative body that, in accordance with its powers, must be responsible for the monitoring of compliance. Said body will resolve any issues that may arise during the surveillance and, following a report from the Foreign Investment Board, will resolve by declaring the surveillance completed.
[...]
Article 13. Prior authorization regime for foreign investments by agreement of the Council of Ministers.
1. In the cases of article 7 of Law 19/2003, of July 4, the Council of Ministers, at the proposal of the person in charge of the Ministry of Industry, Commerce and Tourism and, where appropriate, of the person in charge of the competent department due to the matter, and following a report from the Foreign Investment Board, may agree, with reasons, to suspend the liberalization regime for foreign investments that, due to their nature, form or conditions of realization, affect or may affect to activities related, even if only occasionally, to the exercise of public power or to activities that affect or may affect public safety, health or order in Spain.
2. Once the liberalization regime is suspended, requests for authorization will be directed to the head of the General Directorate of International Trade and Investment and the resolution will correspond to the Council of Ministers at the proposal of the head of the Ministry of Industry, Commerce and Tourism, following a report from the Foreign Investment Board.
3. After three months from the date on which the request for authorization has been requested in accordance with Law 39/2015, of October 1, on the Common Administrative Procedure of Public Administrations, without an express resolution having been received, it will be deemed rejected by administrative silence, in accordance with article 24.1 of said law, and with article 6.2 of Law 19/2003, of July 4.
[...]
Article 14. General issues.
1. The liberalization regime for certain foreign direct investments in Spain is suspended under the terms established in article 7 bis of Law 19/2003, of July 4. It must be ensured that the examination of such investments, as well as the measures that may arise from it, are necessary and proportionate to preserve public safety, health and order, in accordance with article 65 of the Treaty on the Functioning of the European Union.
2. However, the liberalization regime for foreign direct investments in Spain will not be suspended when the investment operation has no or little impact on the legal assets protected by article 7 bis of Law 19/2003, of July 4 , and article 65 of the Treaty on the Functioning of the European Union and in accordance, in any case, with the provisions of article 17 of this royal decree.
3. The following will not be considered direct investments within the meaning of article 7 bis.1 that may be subject to control:
a) Internal restructuring in a group of companies.
b) Increases in business participations by a shareholder who already has a participation greater than 10 percent and that are not accompanied by changes in control.
4. It will be understood that the beneficial ownership of direct investments made by residents of countries of the European Union or the European Free Trade Association corresponds to residents of countries outside the European Union and the European Free Trade Association. when the latter, individually or in concert, ultimately own or control, directly or indirectly, a percentage greater than 25 percent of the capital or voting rights of the investor, or when by other means they exercise control, directly or indirectly, from the investor.
[...]
Article 15. Investment areas.
For the purposes of the application of section 2 of article 7 bis of Law 19/2003, of July 4, the areas subject to certain foreign investments are specified below for which, when there is a risk of affecting the public safety, health or order, the liberalization regime is suspended:
1. Critical infrastructures will be understood as those so qualified in application of Law 8/2011, of April 28, which establishes measures for the protection of critical infrastructures and which, consequently, appear as such in the National Catalog. of Strategic Infrastructures provided for by said standard in its article 4. Said infrastructures, whether physical, virtual, networks or systems, include energy, transportation, water, health, communications, media, data processing or storage, aerospace infrastructures. , defense, electoral or financial, and sensitive facilities, as well as land and real estate that are necessary for their operation.
2. It will be understood that the:
a) Critical and dual-use technologies include those defined in Article 2, paragraph 1 of Regulation (EU) 2021/821 of the European Parliament and of the Council, of 20 May 2021, establishing a regime of Union export control, brokering, technical assistance, transit and transfer of dual-use products, including telecommunications, artificial intelligence, robotics, semiconductors, cybersecurity, aerospace, defense technologies, energy storage, quantum and nuclear, as well as nanotechnologies and biotechnologies.
b) Key technologies for industrial leadership and training comprise the essential enabling technologies for the future referred to in Council Decision (EU) 2021/764 of 10 May 2021, which establishes the Specific Program by which The Horizon Europe Research and Innovation Framework Program is implemented and Decision 2013/743/EU is repealed. These technologies include advanced materials and nanotechnology, photonics, microelectronics and nanoelectronics, life science technologies, advanced manufacturing and processing systems, artificial intelligence, digital security and connectivity.
c) Technologies developed under programs and projects of particular interest to Spain include those that involve a substantial amount or percentage of financing from the budget of the European Union or Spain. Among others, those that benefit from financing from the instruments included in the annex "List of projects or programs of interest to the Union" referred to in Article 8, paragraph 3 of the Regulation (EU) will be considered as such. ) 2019/452 of the European Parliament and of the Council, of March 19, 2019.
3. Fundamental inputs will be understood as those that are indispensable and non-substitutable for the provision of essential services related to the maintenance of basic social functions, health, safety, social and economic well-being of citizens, or the effective functioning of the institutions of the State and public administrations, whose disruption, failure, loss or destruction would have a significant impact. In particular, the following will be considered fundamental:
a) The inputs provided by companies that develop and modify software used in the operation of critical infrastructures in:
1. the energy sector, for the operation of generation plants, regasification plants, transport and distribution networks, storage and the operation of facilities or systems for the supply of electricity, hydrocarbons, biofuels and renewable gases;
2. the water sector, for the management, control and production of drinking water and wastewater treatment;
3rd the telecommunications sector, for the management and operation of facilities or systems used in the transmission of voice and data and in the processing and storage of data;
4. the financial and insurance sector, for the operation of facilities or systems used in the supply of banknotes and coins, card payment systems, the management and settlement of financial asset and derivative transactions, as well as the provision of security services. insurance;
5. the health sector, for the management of hospital information systems, the management of facilities and systems used in the distribution of prescription drugs, and laboratory information systems;
6. the transport sector, for the management of facilities or systems used in the transport of passengers or goods by air, sea or land (whether rail or road), public transport or logistics; either
7th in the field of food safety, for the management of facilities or systems used in the supply of food.
b) Other essential and non-substitutable inputs to guarantee the integrity, safety or continuity of activities that affect critical infrastructures, the supply of water, energy (hydrocarbons, renewable gases, biofuels or electricity), strategic raw materials and telecommunications services or transportation, health services, food security, research facilities, or the financial and tax system.
4. The following will be considered companies with access to sensitive information:
a) Those that have access to data on strategic infrastructures that, if revealed, could be used to plan and carry out actions whose objective is to cause the disruption or destruction of these, as set out in article 2 section l) of Law 8/2011, of April 28, which establishes measures for the protection of critical infrastructures.
b) Those that have access to databases related to the provision of essential water supply services, energy (hydrocarbons, gas or electricity) and telecommunications or transportation services, health services, food safety, research facilities , financial services or the tax system.
c) Those that have access to official databases that are not publicly accessible.
d) Those that carry out activities that are obligatorily subject to an impact assessment on personal data in accordance with article 35.3 of Regulation (EU) 2016/679 of the European Parliament and of the Council, of April 27, 2016, relating to the protection of natural persons with regard to the processing of their personal data and the free circulation of these data and which repeals Directive 95/46/EC (General Data Protection Regulation).
[...]
Article 17. Exemptions.
In accordance with the authorization of section 6 of article 7 bis of Law 19/2003, of July 4, the following foreign investment operations are exempt from being subject to the prior authorization regime:
1. In the energy sector, regardless of the amount involved, foreign investments referred to in section 2.c) of Article 7 bis of Law 19/2003, of 4 July, in which the investor does not meet any of the characteristics set out in section 3 of the same article and provided that the following conditions are met, shall be exempt from prior authorisation [...] 
2. In all other cases of letters b), c), d) and e) of article 7 bis.2 of Law 19/2003, of July 4, foreign investments in which the The turnover of the acquired companies does not exceed 5,000,000 euros in the last closed accounting year, provided that their technologies have not been developed under programs and projects of particular interest to Spain. However, foreign direct investments will always be subject to authorization:
a) When they occur in electronic communications operators in which any of the following conditions apply:
1. That they are holders of concessions for the use of the public radio domain, in frequency bands harmonized in accordance with the legislation of the European Union.
2. That they are holders of enabling titles for the use of orbit-spectrum resources within the scope of Spanish sovereignty or
3. That they have been qualified as operators with significant weight in a relevant market in the electronic communications sector.
b) When they are operations related to research activities and exploitation of mineral deposits of strategic raw materials, understood as those referred to in article 7 bis, section 2, letter c) of Law 19/2003, of July 4, or , on a subsidiary basis, those that the European Commission has identified in Annex I of Communication (2020) 474 final, from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions, of 3 September 2020, or European legislative act that replaces it.
3. Investments through which properties are acquired that are not affected by any critical infrastructure or that are not essential and non-substitutable for the provision of essential services.
4. Transitory investments, that is, of a short duration (hours or days) in which the investor does not have the capacity to influence the management of the acquired company because they are underwriters and underwriters of share issues and offers. public sale or subscription of shares. It will be the final investors who, if applicable, need authorization." (Royal Decree 571/2023, of July 4, on foreign investments, Articles 1,2, 3, 4, 5, 9, 10, 11, 13, 14, 15, and 17 [google translation])
-------------------
"Article 2. Subjects of foreign investment.
1. They can be holders of foreign investments in Spain:
a) Individuals not resident in Spain, understood as Spaniards or foreigners, domiciled abroad or who have their main residence there.
b) Legal persons domiciled abroad, as well as public entities of foreign sovereignty.
2. Natural persons of Spanish nationality and legal persons domiciled in Spain shall be presumed to be resident in Spain unless proven otherwise.
[...]
Article 4. Declaration.
1. Foreign investments in Spain, and their liquidation, will be declared to the Investment Registry of the Ministry of Economy and Finance, for administrative, statistical or economic purposes.
2. The obligation to declare referred to in the previous section shall comply with the following rules:
a) If the purpose of the declaration is an investment that comes from tax havens, understood as the territories or countries provided for in Royal Decree 1080/1991, of July 5, the holder of the same must make it prior to the realization from the investment. This declaration will be understood without prejudice to the one to be made after the investment is made, in accordance with the following letter.
However, the following cases will be exempted from the prior declaration:
1. Investments in negotiable securities, whether issued or offered publicly, whether they are traded on an official secondary market or not, as well as participations in investment funds registered in the Registers of the National Securities Market Commission.
2. When the foreign participation does not exceed 50% of the capital of the Spanish company receiving the investment.
[...]
Article 10. Suspension of the liberalization regime.
1. The Council of Ministers, at the proposal of the Minister of Economy and Finance and, where appropriate, of the head of the competent Department by reason of the matter, and following a report from the Board of Foreign Investments, may agree, in a reasoned manner, with general or particular nature, the suspension of the liberalization regime established in this Royal Decree and provided that investments by their nature, form or conditions of realization, affect or may affect activities related, even if only occasionally, with the exercise of public power, or to activities that affect or may affect public order, public health and safety.
2. Once the liberalization regime is suspended, the affected investor must request prior administrative authorization regarding the investment operations that, from the moment of notification of the suspension, it intends to carry out.[...]" (Royal Decree on foreign investments (664/1999, of April 23), in force from 25 May 1999, Articles 2, 4 and 10 [google translation])
------------------------
"Article 7 bis. Suspension of the liberalization regime for certain foreign direct investments in Spain.
1. For the purposes of the provisions of this article, direct foreign investments in Spain are considered to be all those as a result of which the investor holds a stake equal to or greater than 10% of the share capital of a Spanish company, and all other that as a consequence of the corporate operation, act or legal business carried out, control of all or part of it is acquired, by application of the criteria established in article 7 of Law 15/2007, of July 3 , of Defense of Competition, whenever one of these circumstances occurs:
a) That are carried out by residents of countries outside the European Union and the European Free Trade Association.
b) That are carried out by residents of countries of the European Union or the European Free Trade Association whose beneficial ownership corresponds to residents of countries outside the European Union and the European Free Trade Association. It will be understood that this beneficial ownership exists when the latter ultimately own or control, directly or indirectly, a percentage greater than 25% of the capital or voting rights of the investor, or when they exercise control, directly or indirectly, by other means, from the investor.
2. The liberalization regime for foreign direct investments in Spain, carried out in the sectors mentioned below and that affect public order, public security and public health, is suspended:
a) Critical infrastructures, whether physical or virtual (including energy, transportation, water, health, communications, media, data processing or storage, aerospace, defense, electoral or financial infrastructure, and sensitive facilities), as well as land and real estate that are key for the use of said infrastructures, understood as those contemplated in Law 8/2011, of April 28, which establishes measures for the protection of critical infrastructures.
b) Critical and dual-use technologies, key technologies for industrial leadership and training, and technologies developed under programs and projects of particular interest to Spain, including telecommunications, artificial intelligence, robotics, semiconductors, cybersecurity , aerospace, defense, energy storage, quantum and nuclear technologies, nanotechnologies, biotechnologies, advanced materials and advanced manufacturing systems.
c) Supply of fundamental inputs, in particular energy, understood as those that are subject to regulation in Law 24/2013, of December 26, of the Electrical Sector, and in Law 34/1998, of October 7, of the Hydrocarbon Sector or those referring to strategic connectivity services or raw materials, as well as food security.
d) Sectors with access to sensitive information, in particular personal data, or with the capacity to control said information, in accordance with Organic Law 3/2018, of December 5, on the Protection of Personal Data and guarantee of digital rights .
e) Media, without prejudice to the fact that audiovisual communication services in the terms defined in Law 7/2010, of March 31, General Audiovisual Communication, will be governed by the provisions of said Law. [...]
3. Likewise, the liberalization regime for foreign direct investments in Spain is suspended in the following cases:
a) if the foreign investor is controlled directly or indirectly by the government, including public organizations or the armed forces, of a third country, applying the criteria established in article 7.2 of the Defense Law for the purposes of determining the existence of said control. of the Competition.
b) if the foreign investor has made investments or participated in activities in sectors that affect security, public order and public health in another Member State, and especially those listed in section 2 of this article.
c) if there is a serious risk that the foreign investor carries out criminal or illegal activities that affect public safety, public order or public health in Spain.
4. The Government may suspend the liberalization regime for foreign direct investments in Spain in those other sectors not contemplated in section 2 of this article, when they may affect public safety, public order and public health, in accordance with the procedure established in article 7 of this Law.
5. The suspension of the liberalization regime established in accordance with sections 2, 3 and 4 of this article will determine the submission of the aforementioned investment operations to obtaining authorization, in accordance with the provisions of article 6 of this Law. Investment operations carried out without the required prior authorization will lack validity and legal effects until they are legalized in accordance with the provisions of Article 6 of the Law." (Law on the legal regime of capital movements and economic transactions abroad and on certain measures to prevent money laundering (19/2003, of July 4); as amended by Royal Decree-Law on extraordinary urgent measures to face the economic and social impact of COVID-19 (8/2020, of March 17), Royal Decree-Law by which urgent complementary measures are adopted in the social and economic sphere to deal with COVID-19 (11/2020, of March 31), Royal Decree-Law on urgent measures to support business solvency and the energy sector, and in tax matters (34/2020, of November 17), Royal Decree-Law by which certain economic measures are extended to support recovery (27/2021 of November 23 2021); and Royal Decree-Law on measures to respond to the economic and social consequences of the War in Ukraine and to support the reconstruction of the island of La Palma and other situations of vulnerability (20/2022, of December 27), Article 7 bis [google translation])
Royal Decree 571/2023, of July 4, on foreign investments
Royal Decree on foreign investments (664/1999, of April 23), in force from 25 May 1999
Law on the legal regime of capital movements and economic transactions abroad and on certain measures to prevent money laundering (19/2003, of July 4); as amended by Royal Decree-Law on extraordinary urgent measures to face the economic and social impact of COVID-19 (8/2020, of March 17), Royal Decree-Law by which urgent complementary measures are adopted in the social and economic sphere to deal with COVID-19 (11/2020, of March 31), Royal Decree-Law on urgent measures to support business solvency and the energy sector, and in tax matters (34/2020, of November 17), Royal Decree-Law by which certain economic measures are extended to support recovery (27/2021 of November 23 2021); and Royal Decree-Law on measures to respond to the economic and social consequences of the War in Ukraine and to support the reconstruction of the island of La Palma and other situations of vulnerability (20/2022, of December 27)
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