Investment Policy Monitor
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The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
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UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operation: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
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Investment Policy Measures
16 results
Spain
29 Jan 2025Extends the FDI screening regime for EU and EFTA investors to 2026
On 29 January 2025, the Government of Spain issued Decree-Law 1/2025, extending the requirement for prior authorization of foreign direct investments in Spain by European Union and the European Free Trade Association residents until [...]
Spain
26 Jul 2024Introduces State aid scheme to support investments in renewable hydrogen production
On 26 July 2024, the European Commission approved a €1.2 billion State aid scheme by Spain to support investments in renewable hydrogen production. The scheme targets projects with an installed capacity of at least 100 MW, including [...]
Spain
01 Sep 2023Modifies its investment control regulation and expands reporting obligations for inward and outward FDI
On 4 July 2023, the Government of Spain approved Royal Decree 571/2023. The decree, which entered into effect on 1 September 2023, builds upon Law 19/2003 of July 4, 2003. It further aligns Spain's foreign investment framework with [...]
Spain
27 Dec 2022Extends and expands the FDI screening regime until 31 December 2024
On 27 December 2022, the Government of Spain issued the Royal Decree-Law No.20/2022 that introduced some changes to the FDI screening regime. The decree extended the scope of foreign investment definition to cover those investments [...]
Spain
23 Dec 2022Reduces corporate income tax rate and approves a new special tax regime for investment in the Balearic Islands
On 23 December 2022, Spain approved the General State Budget Law for 2023 that, among others: 1) It reduced the CIT rate from 25 to 23 per cent for entities with net revenues below 1 million EUR; 2) Introduced a new special tax [...]
Spain
19 Oct 2022Introduces new incentives for investments in renewable energy
On 19 October 2022, the Government adopted Royal Decree-law 18/2022 that permits unrestricted depreciation/amortization, for corporate income tax purposes, for investments in facilities intended for self-consumption of electricity [...]
Spain
23 Nov 2021Extends the restrictions on intra-EU foreign investments until the end of 2022
On 23 November 2021, the Government of Spain adopted the Royal Decree-Law 27/2021 (Real Decreto-ley 27/2021 de 23 de noviembre). It once again suspends the liberalization of intra-EU investments until 31 December 2022. Thus, EU/EFTA [...]
Spain
26 Jun 2021Restrictions on foreign investment extended until the end of 2021
On 25 June 2021, the Decree-Law 12/2021 entered into force. It extended the screening regime of foreign investment until 31 December 2021. A prior governmental approval is required for any acquisition of more than 10 percent of the [...]
Spain
19 Nov 2020Temporary screening regime for foreign investment prolonged
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 [...]
Spain
01 Apr 2020Government restricts foreign investment regime a second time in one month
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 [...]
Spain
18 Mar 2020Due to Corona-19 pandemia, the liberalization regime for foreign direct investments is suspended
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 [...]
Spain
29 Sep 2015Spain simplifies requirements for visas and residence permits for investors
A number of changes to the rules for visas and residence permits came into force on 29 July, which significantly reduced the administrative and financial requirements for obtaining a Spanish visa. For investor visas and residence permits [...]
Spain
11 Feb 2015Privatizes 49 per cent of its national airport operator Aena
From 11 February 2015, the shares of Aena, S.A. are admitted to official trading on the four Spanish stock exchanges: Madrid, Barcelona, Valencia and Bilbao, and on the Spanish Stock Market Interconnection System. The government will [...]
Spain
01 Jan 2015Reduction of corporate tax rate
Spain will lower its corporate tax rate from 30 per cent to 28 per cent in 2015, and 25 per cent starting 2016. [...]
Spain
02 Feb 2013Reforms energy subsidies
On 14 February 2013, the Spanish Parliament approved a law that introduces new measures to correct imbalances between electricity system costs and revenues of regulated prices. [...]
Spain
13 Jul 2012-
The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
-
UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operation: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
Share
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