Outlook for 2026 The Belgian FDI Regime continues to evolve with an increasing number of cases and no prohibited investments so far. The Belgian regime will continue to develop with the EU’s push to harmonize certain aspects of national regimes by the anticipated New FDI Screening Regulation. Practitioners should monitor the Belgian government’s implementation steps closely, as amendments to the Cooperation Agreement or the ISC’s Guidelines may be adopted before the expected official deadline of 2027. For now, potential buyers considering investments in Belgian target companies active in relevant strategic sectors must evaluate whether the mandatory filing FDI Regime covers the transaction. If so, the parties must suspend closing until the ISC clears the transaction. Transacting parties must therefore consider how the FDI Regime affects transaction timelines, deal completion risk and allocation of risk in the deal documentation. This could ultimately lead to higher costs and possible delays, which will have to be considered in M&A negotiations. Until further revisions or guidance are published as to notification requirements, this concern will remain, further reinforced by uncertainty as to the scope of the notification thresholds and the ultimate duration of the screening process.
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FDI and National Security Review
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