Spain has introduced a new procedure to give priority to certain investment projects considered strategic.
Royal Decree 731/2026, published in the Spanish Official State Gazette, BOE, on 17 September, regulates how projects may obtain this status. It applies to investments with a significant impact on the economy, employment, industry or technology.
The Royal Decree entered into force on 18 September 2026 and applies to both domestic and foreign investment.
However, this designation does not remove the need to obtain permits or authorisations. Instead, its purpose is to facilitate the processing of relevant projects and improve coordination between the different public authorities involved.
At LEIALTA, we explain the key details below.
What is considered a Strategic Investment Project?
The new framework is designed for investment or reinvestment projects that strengthen Spain’s productive, technological or scientific capabilities.
Therefore, not every investment will qualify for this procedure.
Several factors will be considered when determining whether a project may be classified as strategic. These include:
- The amount of investment.
- The creation of significant or highly skilled employment.
- The development of critical technologies.
- Strengthening industrial capacity.
- Innovation and research.
- Strategic autonomy.
- Participation in certain European initiatives.
This does not mean that a minimum investment or employment threshold already applies to every project.
The Government must still approve the scoring framework and methodology that will be used to assess each application.
In addition, the Royal Decree excludes certain purely corporate transactions. These include, for example, the mere acquisition of shares or equity interests and certain corporate structural changes.
The key requirement will be the existence of a genuine investment project with an economic, productive or strategic impact.
A procedure designed to prioritise certain projects
The new system introduces two stages.
Preliminary designation
First, an initial assessment will determine whether the project meets the conditions required to continue within the procedure.
This preliminary decision must be issued within one month of the application.
However, obtaining this preliminary designation does not mean that the project has already received final strategic status.
Detailed assessment of the project
A more comprehensive assessment will then take place.
At this second stage, matters such as the business plan, economic impact, expected employment and technological contribution of the project will be analysed.
A final decision must be issued within a maximum of three months from submission of the application.
The final decision will be taken by the Government Delegated Committee for Economic Affairs.
What can a company gain from this designation?
The main benefit is the possibility of receiving priority administrative processing and greater coordination between public authorities.
Depending on the characteristics of the project, measures may also be considered to facilitate certain procedures or access to infrastructure required for the investment.
In addition, projects granted strategic status may receive priority in the processing of certain regional incentives.
However, this does not mean that the company will automatically receive a grant or subsidy. Nor does the designation remove any permits, licences or authorisations required under the applicable regulations.
The purpose of the designation is to facilitate and prioritise implementation of the project, not to bypass existing administrative controls.
A particularly relevant development for foreign investors in Spain
The new procedure expressly covers both domestic and foreign investment.
This may be particularly relevant for international groups considering a new establishment, expansion or productive investment in Spain.
However, there is an important point to consider.
Certain foreign investments are subject to prior authorisation in Spain. Where this applies, that authorisation must be obtained before the project can receive final strategic designation.
Therefore, the new procedure does not replace Spain’s foreign investment screening regime.
Where necessary, both procedures will need to be coordinated.
The Royal Decree is in force, but applications cannot yet be submitted
Although the Royal Decree has already entered into force, several steps are still required before the procedure becomes fully operational.
The Government must publish the scoring framework and methodology used to assess projects.
The necessary electronic systems for submitting applications must also be made available. A ministerial order will establish the specific date from which companies can begin the procedure.
Until then, companies preparing significant investments can start assessing whether their projects meet the criteria set out in the Royal Decree. This may also be a good time to review the documentation needed to demonstrate the project’s economic, employment, technological or industrial impact.
What should interested companies review?
The new designation may be relevant for significant investment projects that are still being planned or developed.
Before considering a future application, companies should assess matters such as:
- The amount and timetable of the investment.
- The employment the project is expected to create.
- Its industrial or technological impact.
- The administrative authorisations required.
- For foreign investments, whether any prior authorisation requirement applies.
The true scope of the procedure will become clearer once the scoring framework is published.
From that point, companies will be able to assess more precisely which projects are more likely to qualify for strategic status.
At LEIALTA, we support Spanish and international companies with their investment and business development projects in Spain. Our approach allows the corporate, tax, labour and administrative implications of each project to be assessed together. If you are planning to develop an international project in Spain, please do not hesitate to contact our team of professionals.
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