Spain Net Foreign Investment Falls 40% in H1 2026 as US Disinvestments Surge

Gross inflows and capital withdrawals

Official figures published on 21 September 2026 by the Ministry of Economy, Trade and Business showed divergent trends in Spanish foreign capital flows for the first half of 2026. Gross foreign investment rose by 31.2% year-on-year to reach 12,446 million euros between January and June. However, capital disinvestments through company sales, factory closures, and fund withdrawals expanded by 171% to 9,038 million euros over the same period. This combination reduced net foreign investment to 3,407 million euros, a 40% decline compared to the first semester of 2025. Ministry officials attributed this net drop to one-off financial operations rather than a structural departure of industry. If this pace continues across the second half of 2026, the annual net capital balance will reach its lowest level since the 2012 eurozone crisis.

Gross investment12,446

Disinvestments9,038

Net investment3,407

Gross investment

12446 EUR M

Disinvestments

9038 EUR M

Net investment

3407 EUR M

Data from the article text

United States capital shifts to net outflow

The United States retained its position as Spain's largest source of gross incoming capital, accounting for 23% of total gross foreign investment. American gross investment reached 2,857 million euros in the first six months of 2026, an 84% increase over the 1,322 million euros recorded during the first half of 2025. However, US capital disinvestments rose by 383% to total 3,851 million euros, resulting in a net negative balance of 993 million euros. This net balance represented a 230% drop compared to the previous year, placing the United States at rank 253 among net capital contributors. The outflow occurred during a period of political tension with the administration of Donald Trump, contrasting with the presidency of Joe Biden when US net investment in Spain exceeded 6,000 million euros annually. American gross funds focused principally on sports, land transport, and the chemical industry.

Regional distribution between Madrid and Catalonia

Gross investment remained concentrated within specific autonomous communities, led by Madrid. The Community of Madrid captured 5,635 million euros during the first half of 2026, representing almost half of all incoming gross capital in Spain. Catalonia secured 2,358 million euros, representing 19% of the national total, while the Valencian Community followed in third position with 15%. Capital origins also differed markedly by destination: Madrid received 2,058 million euros from the United States and just under 1,000 million euros from France. In contrast, Catalonia received 155 million euros from US investors and approximately 500 million euros from South Korean firms.

Madrid5,635

Catalonia2,358

Madrid

5635 EUR M

Catalonia

2358 EUR M

Data from the article text

Productive assets and regulatory screening

Despite the net contraction, government officials pointed to the stability of direct productive investment over financial reallocations. Greenfield investment, which finances newly built facilities such as manufacturing plants or logistics centers, expanded by more than 52% during the first six months. Combined greenfield and brownfield initiatives represented 30.5% of total foreign direct investment, meaning almost one in every three euros targeted the creation or expansion of productive assets. Carlos Cuerpo defended the foreign investment performance in an official statement.

“Spain maintains a strong appeal as a destination for productive foreign investment.”

According to the fDi Markets database cited by the ministry, Spain ranked fourth globally in foreign investment projects received during the first seven months of 2026, trailing only the United States, the United Kingdom, and India. The ministry has also initiated a public consultation to update the foreign investment screening framework introduced in 2020.