Foreign investment in Spain, excluding Foreign Securities Holding Entities (ETVE), totalled €30.764 billion in 2025, marking a year-on-year decline of 21.8%, according to the Foreign Investment Registry DataInvex of the State Secretariat for Trade.
This is the lowest figure since 2021, when foreign direct investment reached €29.216 billion – although inflows increased steadily over the course of the year, rising from €4.841 billion in the first quarter to €4.308 billion in the second, €10.615 billion in the third and €10.998 billion in the fourth.
The Community of Madrid once again led the country in attracting foreign capital in 2025, with €15.97 billion – 51.9% of the total – despite a sharp drop from the €26.62 billion recorded in 2024, a decline of 40%.
Catalonia ranked second, with €4.51 billion – down from €5.259 billion a year earlier, a decrease of 14.2% – followed by Aragon with €3.387 billion and Andalusia with €1.364 billion. These were the only four regions to exceed €1 billion in foreign investment in 2025 – a year marked by geopolitical and tariff uncertainty.
Elsewhere, foreign direct investment reached €772 million in the Valencian Community, €666 million in Castilla-La Mancha, €581 million in Castille and León, €531 million in the Basque Country, €528 million in the Region of Murcia, €436 million in La Rioja, €378 million in Cantabria, €358 million in Navarra, €327 million in the Canary Islands, €324 million in Extremadura, €306 million in the Balearic Islands, €236 million in Galicia, €73 million in Asturias and €10 million in Ceuta and Melilla.
By sector and recipient countries
The sector attracting the most foreign investment in 2025 was "information services" (€3.437 billion), followed by "advertising and market research" (€3.26 billion), "real estate activities" (€2.54 billion), and "storage and transport support services" (€2.117 billion). Investment also flowed into "electricity, gas, steam and air supply" (€2.029 billion), financial services excluding "insurance and pension funds" (€2.066 billion) and the food industry (€1.353 billion).
By country of origin, Luxembourg led the ranking with €8.561 billion, followed by the United States (€6.402 billion), the United Kingdom (€2.322 billion), and France (€2.079 billion). Below the €2 billion mark were the Netherlands (€1.529 billion), Belgium (€1.441 billion), Mexico (€1.122 billion), Germany (€1.121 billion) and Canada (€1.082 billion).
