US steps up investment in Spain as gross foreign capital inflows surge 84%

Gross investment from the US, which accounted for 23% of total investment in Spain, exceeded 2.85 billion euros.

Overall, gross foreign investment in Spain increased by 31% in the first half of 2026 compared with the same period a year earlier, according to figures from the foreign investment register for the first six months of the year.

However, a sharp increase in disinvestment, which soared by 142%, meant that net foreign investment fell by 40%. The figures therefore point to a simultaneous increase in both new investment and foreign capital leaving the country.

"The strength of US investment confirms the continued interest Spain generates among major international companies and investment funds," sources at the Ministry of Economy said.

Alongside the US, the countries that increased their investment in Spain most significantly included Portugal, France and Italy, highlighting the strong commitment to Spain from neighbouring European economies.

According to figures from the Globalinvex database, Portuguese investment rose by a notable 183% to around 788 million euros, making Portugal the fourth-largest investor in Spain.

Italy also recorded a significant increase, with capital inflows rising by 164% to almost 550 million euros. Italy is the eighth-largest investor in Spain.

France, the second-largest investor, increased its investment by 92% in the first half of the year, bringing its contribution to 2.13 billion euros. The UK, which completes the top three investors in Spain, increased its investment by 45% to 1.846 billion euros.

Germany ranks as the fifth-largest investor in Spain, although its contribution changed little. The Netherlands, in sixth place, increased its investment significantly, with capital inflows 125% higher at 580 million euros.

Capital flows do not reach Spain solely from neighbouring countries, however, and sometimes travel thousands of miles. South Korea rose from 33rd place in 2025 to become the seventh-largest investor in Spain, with investment exceeding 560 million euros.

Japan's arrival in the top 10 is also notable. The country has doubled its investment in Spain since 2025, taking it above 440 million euros.

During the first half of the year, Spain ranked fourth in the world and first in the EU for the number of foreign investment projects it attracted, behind only the US, the UK and Italy, according to the fDi Markets database compiled by the Financial Times.

"This is particularly significant because it reflects Spain's ability to attract productive investment and projects that help strengthen our business base and our position in international value chains," the Ministry of Economy said.

The Madrid region accounts for almost half of all foreign investment in Spain, with more than 5.635 billion euros, up 15.6% on the first half of last year. Catalonia follows with 2.3586 billion euros, a figure that has jumped 68.5% compared with the previous year.

The ministry highlighted the particularly strong performance of 'greenfield' investment, which involves establishing new projects and production capacity. This rose by more than 52%.

As a result, in the first half of 2026, almost one in every three euros of foreign direct investment went into 'greenfield' projects and 'brownfield' projects, which involve investment in an existing facility. Together, these accounted for 30.5% of foreign direct investment.

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