Spain has enacted Royal Decree 571/2023,of July 4, on foreign investments ("RD 571/2023"), which, effectiveas from September 1, 2023, replacing RD 664/1999, develops in detail provisionsof the regime of foreign investments (inward and outward investments),especially in the foreign investment procedural regime, of Law 19/2003, of 4July, on the legal regime of foreign capital movements and financialtransactions ("Law 19/2003").  We summarize the highlights regarding inwardinvestments.