Almost two and a half years have passed since Spain’s Royal Decree Laws 8/2020, of 17 March, on extraordinary urgent measures to address the economic and social impact of COVID-19, 11/2020, of 31 March, adopting additional urgent social and economic measures to address COVID-19, and 34/2020, of 17 November, on urgent measures to support business…

With the much-debated reforms to Act 19/2003, of 4 July, on capital movements (“Act 19/2003”), the Spanish foreign direct investment (“FDI”) regime has been expanded over the past few years.  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…