COMMISSION STAFF WORKING DOCUMENT Screening of FDI into the Union and its Member States Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Fifth Annual Report on the screening of foreign direct investments into the Union
Date: 2025-10-14
Institutions: Directorate-General for Trade and Economic Security, European Commission
Subjects: EU Member State, activity report, direct investment, financial control, foreign capital, foreign investment, investment policy, third country

EN 

  EN 

   EUROPEAN COMMISSION  Brussels, 14.10.2025  SWD(2025) 296 final  COMMISSION STAFF WORKING DOCUMENT Screening of FDI into the Union and its Member States Accompanying the document REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL Fifth Annual Report on the screening of foreign direct investments into the Union {COM(2025) 632 final}  
 
 
Table of contents 

EU Member States – legislative developments in 2024 ................................................................... 2 

Introduction ............................................................................................................................. 2 

Austria ..................................................................................................................................... 3 

Belgium ................................................................................................................................... 3 

Bulgaria ................................................................................................................................... 3 

Croatia .................................................................................................................................... 3 

Cyprus ..................................................................................................................................... 4 

Czechia .................................................................................................................................... 4 

Denmark .................................................................................................................................. 4 

Estonia ..................................................................................................................................... 5 

Finland .................................................................................................................................... 5 

France ..................................................................................................................................... 5 

Germany .................................................................................................................................. 6 

Greece ..................................................................................................................................... 6 

Hungary .................................................................................................................................. 6 

Ireland ..................................................................................................................................... 7 

Italy ......................................................................................................................................... 7 

Latvia ...................................................................................................................................... 8 

Lithuania ................................................................................................................................. 8 

Luxembourg ............................................................................................................................ 9 

Malta ....................................................................................................................................... 9 

Netherlands ............................................................................................................................. 9 

Poland ..................................................................................................................................... 9 

Portugal ................................................................................................................................. 10 

Romania ................................................................................................................................ 10 

Slovakia ................................................................................................................................. 10 

Slovenia ................................................................................................................................. 11 

Spain ..................................................................................................................................... 11 

Sweden .................................................................................................................................. 11 

1 

 
 
 
 
 
 
EU Member States – legislative developments in 2024 

Introduction 

This  part  of  the  staff  working  document  reflects  the  information  provided  by  the  EU  Member 
States  under  the  annual  reporting  obligation  set  out  in  Article 5  of  the  EU  FDI  Screening 
Regulation. 

For each Member State, the document sets out whether: 

- 

- 

it had a national investment screening mechanism in place as of 31 December 2024; 

there were any FDI screening developments during the reporting period (1 January 2024 
to  31  December  2024),  such  as  amendments  to  an  existing  screening  mechanism  or 
ongoing  initiatives  that  are  expected  to  lead  to  the  introduction  of  a  national  screening 
mechanism; 

- 

it publishes or intends to publish a national report on FDI screening. 

2 

 
 
 
 
 
 
 
 
Austria 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: Yes. The Austrian government publishes an annual report in German. The latest version is not 
yet  available  as  of  the  writing  of  this  document  but  will  be  found  on  the  following  website  when 
published: 
https://www.bmaw.gv.at/Themen/Investitionskontrolle/Taetigkeitsberichte-der-
Investitionskontrollbehoerde.html. 

Belgium 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: Yes. The publication of an annual report is required under national legislation. 

Link: https://economie.fgov.be/en/publication/screening-foreign-direct 

Bulgaria 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

A national screening mechanism was proposed in Parliament in 2023, adopted on 22 February 2024 and 
promulgated  on  8 March  2024.  The  screening  mechanism  is  introduced  as  a  new  chapter  in  the 
Investment Promotion Act. This mechanism establishes screening for investments over EUR 2 million or 
involving  over  10%  capital  acquisition  in  sensitive  sectors  from  non-EU  high-risk  countries.  The 
screening body is the Intergovernmental Council under the authority of the Council of Ministers. As of 
[16 June 2025], the Bulgarian screening mechanism is not yet operational,  awaiting the adoption of the 
required implementing regulations. 

Link: https://www.mig.government.bg/wp-content/uploads/2024/06/investment-promotion-act.pdf 

REPORT: No. 

Croatia 

NATIONAL SCREENING MECHANISM IN PLACE: No 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

3 

 
 
 
 
 
 
 
 
 
As of 31 December 2024, Croatia had not established a national FDI screening mechanism. The drafting 
of a legislative proposal, however, is under way following the set-up of a working party in October 2023. 

REPORT: No. 

Cyprus 

NATIONAL SCREENING MECHANISM IN PLACE: No 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

As of 31 December 2024, Cyprus had not established a national FDI screening mechanism. However, the 
draft  law  for  the  establishment  of  a  national  FDI  screening  framework  was  submitted  to  the  House  of 
Representatives in March 2024. Following several amendments, the draft law was resubmitted to the Law 
Office  of  the  Republic  of  Cyprus  for  legal  vetting  in  early  2025.  The  draft  law  will  then  be  presented 
again to the House of Representatives for adoption. 

REPORT: No. 

Czechia 

NATIONAL SCREENING MECHANISM IN PLACE: Yes 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

In response to the adoption of Regulation (EU) 2022/2560 of the European Parliament and of the Council 
of 14 December 2022 on foreign subsidies distorting the internal market, preparatory work to amend the 
national  FDI  screening  legislation  (Act  No 34/2021)  was  initiated  in  2024.  The  amendments  will 
introduce two major changes. First, a cooperation mechanism between the investment screening authority 
and the Office for the Protection of Competition will be established to share information on transactions 
of  mutual  interest.  Second,  delivery  of  documents  to  parties  to  administrative  proceedings  (screening 
review) through a public notice will be/is introduced in exceptional cases. 

In addition, preparatory work to adjust certain elements of the sectoral screening mechanism under the Energy 
Act (Act No 458/2000) was launched. 

REPORT: Yes. The Czech FDI screening annual report for 2024 should be released in autumn 2025. The 
report will be accessible via this link: https://www.mpo.cz/en/foreign-trade/investment-screening/. 

Denmark 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

4 

 
 
 
 
 
 
 
 
The Danish screening mechanism was amended by Law nr. 674 of 11 June 2024, which introduced the 
possibility of earlier screening of special financial agreements relating to offshore wind tenders or other 
major public energy projects. This new provision entered into force on 1 July 2024. 

Link: https://www.retsinformation.dk/eli/lta/2024/674 

REPORT: No. 

Estonia 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: Yes. The summary of the 2024 foreign investment  reliability assessment is available on the 
Consumer Protection and Technical Regulatory Authority (CPTRA) website in Estonian and English. 

Link: https://ttja.ee/en/business-client/entrepreneurship/foreign-direct-investment-screening 

Finland 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: Yes. The 2024 Annual Report for FDI Screening in Finland is available online (in Finnish, 
Swedish and English). 

Link: https://tem.fi/acquisitions 

France 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

In  2024,  the revised  list of  R&D activities in critical technologies covered  by  the  investment  screening 
mechanism entered into force, following the adoption of an administrative act on 28 December 2023. The 
revised list now includes photonics and a new description of clean energy. 

Link: https://www.legifrance.gouv.fr/jorf/id/JORFTEXT000048706493 

REPORT: Yes. France publishes an annual report of its FDI screening activities. The 2024 report will be 
accessible online. 

Link: 
investissements-etrangers-en-france 

https://www.tresor.economie.gouv.fr/Articles/institutionnel/services-aux-entreprises/ 

5 

 
 
 
 
 
 
 
 
Germany 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

Since 1 January 2024, the use of an online form has been obligatory for applications and notifications. 

REPORT:  No.  However,  Germany  publishes  annual  key  facts  and  figures  on  investment  screening, 
available in German and English. 

Link: 
germany-facts-figures.pdf 

https://www.bmwk.de/Redaktion/EN/Publikationen/Aussenwirtschaft/investment-screening-in-

Greece 

NATIONAL SCREENING MECHANISM IN PLACE: No. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

In 2024, the relevant Departments of the Hellenic Ministry of Foreign Affairs (MFA) completed drafting 
the  upcoming  legislation  the  national  FDI  screening  mechanism  on  the  grounds  of  security  and  public 
order. The draft law has since progressed through the MFA’s law-making process. 

The main amendments to the draft bill introduced during the reporting period were the following: 

▪  different  thresholds  triggering  a  screening  procedure  depending  on  the  sector  of  the  target 

company; 

▪  mandatory notification from the investor along with an ex officio procedure; 
▪ 
▪ 

adoption of a two-stage screening process; 
creation  of  an  advisory  interministerial  FDI  screening  Committee  to  support  the  Minister  of 
Foreign Affairs’ decision-making. 

REPORT: No. 

Hungary 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

In 2024, Hungary adopted two sets of amendments to the national FDI screening legislation. 

The first set of amendments transposed Directive (EU) 2022/2555 of the European Parliament and of the 
Council of 14 December 2022 on measures for a high common level of cybersecurity across the Union 

6 

 
 
 
 
 
 
 
 
into Hungarian law. The amendments have been incorporated into the text of the National FDI Act and its 
implementing decree as of 1 January 2025. 

The second set of amendments transposed Directive (EU) 2022/2557 of the European Parliament and of 
the  Council  of  14 December  2022  on  the  resilience  of  critical  entities  into  Hungarian  law.  The 
amendments have been incorporated into the text of the National FDI Act and its implementing decree as 
of 1 January 2025. 

The amendments to the FDI Act and the Implementing Decree apply to activities subject to notification 
and  may  therefore  affect  the  range  of  target  companies.  In  the  case  of  the  FDI  Act,  the  regulatory 
objective  was  to  ensure  that  the  amendment  does  not  extend  the  scope  of  the  FDI  Act  to  other  organisations 
beyond the previous organisations. 

Links: 

-  Act LXIX of 2024 on the cybersecurity of Hungary: https://njt.hu/jogszabaly/2024-69-00-00 
-  Government  Decree  418/2024  (23  December)  implementing  the  Act  on  the  cybersecurity  of 

Hungary: https://njt.hu/jogszabaly/2024-418-20-22 

-  Act LXXXIV of 2024 on the resilience of critical entities: https://njt.hu/jogszabaly/2024-84-00-

00 

-  Government Decree 474/2024 (31 December) implementing the Act on the resilience of critical 

entities: https://njt.hu/jogszabaly/2024-474-20-22 

REPORT: No. 

Ireland 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

The Screening of the Third Country Transactions Act was enacted in 2023 and became operational on 6 January 
2025. 

The Act lays down the nature, scale and type of investments that will undergo screening. It also sets out 
the  main  considerations  throughout  the  screening  review  process.  Under  the  Act,  the  Minister  for 
Enterprise, Trade and Employment is empowered to assess, investigate, authorise, condition and prohibit 
foreign investments based on a range of security and public order criteria. This screening mechanism has 
been  developed  in  line  with  the  principles  outlined  in  the  EU  FDI  Screening  Regulation  and  ensures 
Ireland can fulfil its obligations under the Regulation’s cooperation mechanism. 

Link: https://enterprise.gov.ie/en/news-and-events/department-news/2024/december/ 20241218.html 

REPORT: No. The first report will be published in 2026. 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

Italy 

7 

 
 
 
 
 
DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: Yes. The report on national FDI screening activities will be transmitted by the Presidency of 
the Council of Ministers to the Parliament by 30 June 2025. 

Latvia 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: Yes. A report on national FDI screening activities is being prepared. 

Lithuania 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

The  list  of economic  activities  considered  strategically  important  for  national security  was  amended  by 
Government  resolution  No 978  and  adopted  on  13 November  2024.  The  scope  of  subsectors  was 
expanded to cryptocurrencies and asset-referenced tokens. 

The Law on the Protection of Objects Important for Ensuring National Security (Law No. XIV-2985) was 
amended  on  26 September  2024  to  refine  several  definitions.  The  definitions  of  ‘persons  acting  in 
concert’, ‘controlling person’ and ‘manager of critical information infrastructure’ were aligned with the 
terminology used in the relevant specialised legislation. 

The  List  of  Equipment  and  Assets  Important  for  National  Security  was  updated  by  Government 
resolutions No 180 (6 March 2024), 605 (17 July 2024) and 894 (23 October 2024). 

Links: 

-  Government 

resolution 

No 978: 

https://www.e-

tar.lt/portal/legalAct.html?documentId=8ca158e2a71911ef90b5ee8931e5ce5e 

-  Amendments to the Law on the Protection of Objects Important for Ensuring National Security 
https://www.e-

(Law 
2024: 
adopted 
tar.lt/portal/legalAct.html?documentId=fd1bc4f0815a11efabdbb4a1fc8b0b63 

26 September 

XIV-2985), 

No. 

on 

-  Government 

Resolution 

No 180: 

https://www.e-

tar.lt/portal/legalAct.html?documentId=d1296b70e06711eead77e967e3995264 

-  Government 

Resolution 

No 605: 

https://www.e-

tar.lt/portal/legalAct.html?documentId=f52b2e9048f511efbdaea558de59136c 

-  Government 

Resolution 

No 894: 

https://www.e-

tar.lt/portal/legalAct.html?documentId=4c22af6295dc11efa605b9842742bf37 

REPORT: No. 

8 

 
 
 
 
 
 
Luxembourg 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: No. 

Malta 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: No. 

Netherlands 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

On  1 January  2024,  the  Netherlands  adopted  the  Implementation  Regulation  on  Offshore  Wind.  The 
Regulation allows  for screening participants in tenders for  offshore wind farms and transferring control 
before a wind farm becomes operational. 

Link: https://wetten.overheid.nl/BWBR0036786/2024-01-01 

REPORT: Yes. 

Link: https://www.rijksoverheid.nl/documenten/rapporten/2025/05/12/bijlage-bti-jaarverslag-2024 

Poland 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

The Regulation of the Council of Ministers of 18 December 2024 amended the list of protected entities 
(companies  either  holding  assets  in  critical  infrastructure  or  active  in  strategic  sectors)  and  the 
corresponding authorities who oversee them. 

Links: 

- 
- 

https://isap.sejm.gov.pl/isap.nsf/DocDetails.xsp?id=WDU20240001892 
https://sip.lex.pl/akty-prawne/dzu-dziennik-ustaw/wykaz-podmiotow-podlegajacych-ochronie-
oraz-wlasciwych-dla-nich-22089494 

9 

 
 
 
 
 
 
 
 
REPORT: No. 

Portugal 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: No. 

Romania 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

In  December  2024,  Romania  adopted  Emergency  Ordinance  No 152/2024  to  amend  its  FDI  screening 
legislation.  First,  the  notion  of  ‘European  Union  investor’  was  clarified  to  specifically  include  national 
investors,  including  Romanian  individuals  and  legal  entities.  Second,  the  Secretariat  of  the  FDI 
Commission was placed under the direct authority of the President of the FDI Commission instead of the 
President of the Competition Authority. Third, new provisions on applicable time limits were introduced. 

REPORT: No. 

Slovakia 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

In 2024, Slovakia adopted Act No 367/2024 on critical infrastructure and on amendments and additions to 
certain  acts,  which  entered  into  force  on  1 January  2025.  While  not  leading  to  amendments  to  the  FDI 
screening legislation as such, implementation of the Act expanded the right of the Ministry of Economy 
to  access  data  from  public  administration  information  systems  with  the  exception  of  so-called  limited 
information related to classified information. The Ministry of Economy (the FDI screening unit) does not have direct 
access to information systems containing limited information, but it may request the relevant authority to provide 
it. 

REPORT:  Yes.  The  2024  report  will  be  published  on  the  website  of  the  Ministry  of  Economy  of  the 
Slovak Republic by the end of June 2025. 

10 

 
 
 
 
 
 
 
 
 
Slovenia 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: No. 

Spain 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): No. 

REPORT: 
https://comercio.gob.es/InversionesExteriores/Publicaciones/Paginas/default.aspx 

published 

report 

2024 

Yes. 

The 

is 

on 

this 

website: 

Sweden 

NATIONAL SCREENING MECHANISM IN PLACE: Yes. 

DEVELOPMENTS DURING THE REPORTING PERIOD (2024): Yes. 

The  list  of  ‘essential  services’  covered  by  the  FDI  Screening  Act  (2023:560)  was  expanded  to  new  activities  on 
1 October 2024. These additions concern Chapter X of the Regulation on Vital societal functions in the field 
of information and communications. 

Link: https://www.msb.se/sv/regler/gallande-regler/civilt-forsvar/msbfs-20249/ 

REPORT: No. 

11