FDI, whether undertaken directly or indirectly, is generally allowed without restrictions or without the need to obtain prior authorization from an administrative agency.

Most deals are approved without mitigation, but the CFIUS landscape has continued evolving based on a combination of expanded jurisdiction, mandatory filings applying in certain cases, enhanced focus on a broad array of national security considerations, increased rates of mitigation, further attention on monitoring, compliance and enforcement, and a substantially increased pursuit of non-notified transactions.

The wide scope, low trigger thresholds and extensive interpretation of the Austrian FDI regime require a thorough assessment and proactive planning of the M&A process.

The Belgian FDI screening regime entered into force in July 2023. In its early days, investors and authorities alike are coming to grips with the new regime and the guidelines that help parties navigate it.

A bill contemplating the creation of a foreign direct investment screening mechanism in Bulgaria is currently before the Bulgarian parliament.

The new Czech Foreign Investments Screening Act took effect in May 2021, establishing the rights and duties of foreign investors and setting screening requirements for Czech targets.

The scope of the Danish FDI regime is comprehensive and requires a careful assessment of investments and agreements involving Danish companies.

Estonia's foreign direct investment screening mechanism entered into force on September 1, 2023.

FDI deals are generally not blocked in Finland.

French FDI screening continues to focus on foreign investments involving medical and biotech activities, food security activities or the treatment, storage and transmission of sensitive data. The nuclear ecosystem is subject to very close scrutiny.

Following numerous amendments over the past years, Germany's FDI review continued in full swing in 2023, with further significant updates expected in 2024.

FDI screening in Hungary – forever changing regulation, no change in its importance.

Ireland is expected to enact its FDI screening legislation in 2024.

Italy's Golden Power Law is now more than 10 years old and is continuously expanding its reach.

The law in Latvia provides for sectoral FDI regimes for specific corporate M&A, real estate dealings and gambling companies.

All investments concerning national security are under the scope of review.

In 2023, Luxembourg adopted a national screening mechanism for foreign direct investments.

Malta's FDI regime regulates transactions that must be notified to the authorities and, in some cases, will be subject to screening.

The Middle East continues to welcome foreign investment, subject to licensing approvals and ownership thresholds for certain business sectors or in certain geographical zones.

The Netherlands, complementing its existing sector-specific regulations, has introduced a general investment screening mechanism to enhance the protection of its national security across a broader range of sectors.

The foreign direct investment regime in Norway is subject to upcoming changes, with further changes expected to come.

The Polish FDI regime – ambiguous rules, no blocking decisions and evolving market practice.

In Portugal, transactions involving acquisition of control over strategic assets by entities residing outside the EU or the EEA may be subject to FDI screening.

The Romanian regime regarding foreign direct investment appears to have become more stable in 2023, but continues to surprise.

Russian laws regulating foreign investments have been considerably amended in 2023 to extend the scope of the laws as well as to strengthen control in this sphere.

The new Foreign Investments Screening Act entered into force in Slovakia on March 1, 2023.

Since May 31, 2020, certain foreign investments into Slovenian companies can be subject to foreign direct investments review. Incorporation of new companies and business units can also be screened.

Certain foreign direct investments in Spain are subject to scrutiny under the Law 19/2003 (Law on the movement of capital and foreign economic transactions and on certain measures for the prevention of money laundering). These restrictions started back in 2020 and, since then, additional formalities have been introduced, specifically by the new FDI regulation, which entered into force on September 1, 2023.

In December 2023, Sweden adopted and implemented a new FDI regime, meaning that a general FDI screening mechanism now applies in relation to investments in certain Swedish businesses.

Historically, Switzerland has been very liberal regarding foreign investments. However, there has recently been increased political pressure to create a more structured legal regime for foreign investment.

Making Türkiye an attractive investment destination continues to be a priority for the government.

Foreign direct investment is permissible in the UAE, subject to applicable licensing and ownership conditions.

The UK introduced new legislation governing FDI in 2022, which also captures domestic investment in certain sectors.

While restricting the data transfer relating to national security, China issued guidelines to further optimize its foreign investment environment. 

India continues to be an attractive destination for foreign investment, ranking as the world's eighth-largest recipient of FDI in 2023.

Certain businesses related to "Specifically Designated Critical Commodities" have been designated "core" sectors subject to Japan's FDI regime, FEFTA.

The Republic of Korea continues to welcome foreign investment, with the government actively seeking to ease regulations and update the regulatory framework to be in line with global standards.

After a number of years of amendments under the OIA from 2018 to 2021, New Zealand has seen a period of stabilization of the overseas investment regime. However, following the recent election and change of government in New Zealand, further changes are expected to better support investments in build-to-rent housing developments.

Taiwan continues to promote FDI under a two-track screening mechanism for foreign and PRC investors.