Ireland FDI Screening: First Annual Report and Updated Guidance Published

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2 July 2026

Authors: Tara Kelly, Laura Durning, Dorit McCann, Matthew Flanagan

The Irish Department of Enterprise, Tourism and Employment has published its first annual report on the operation of Ireland’s FDI screening regime alongside an updated version of its Guidance for Stakeholders and Investors. Together, these publications provide the first comprehensive picture of how the Screening of Third Country Transactions Act 2023 has functioned since it commenced on 6 January 2025.

Key Findings from the Annual Report

The Report covers the period from 6 January 2025 to 31 December 2025. A total of 102 notifications were submitted to the Investment Screening Unit during this period. Of these:

26 notifications proceeded to a formal screening review following the issuance of a screening notice by the Minister.
66 notifications were not formally screened because they did not meet all mandatory notification criteria (i.e. the Department declined jurisdiction).
2 transactions were cleared subject to conditions (both to ensure the continuity of critical services under the target’s existing contractual arrangements).
0 transactions were blocked.
1 notification was withdrawn by the parties, 1 was rejected as incomplete, and 8 were still undergoing assessment at year end.
No transactions were called in for discretionary review under Section 12 of the Act.

Overall, these figures reflect an encouraging first year. The remedies intervention rate was extremely low (approximately 2% of total notifications), and the Department appears to have adopted a pragmatic and proportionate approach to screening. The high proportion of notifications that did not proceed to formal screening also points to investors taking a precautionary approach, which is understandable given the regime’s broad mandatory criteria and the potential criminal penalties for non-compliance.

Review Timelines

The Report provides useful data on the Department’s review timelines, with the key takeaways being:

Initial assessment: The Department targets completion of its initial assessment within 10 calendar days. The average time in 2025 was 9.76 days, with approximately two thirds of assessments concluded within the target.
Full screening review: Of the 26 transactions that underwent full screening, the average review period was 40.5 calendar days. Approximately two thirds of screening decisions were issued in fewer than 40 calendar days.

Considering that the statutory review period is 90 calendar days (extendable to 135 days at the Minister’s discretion), the Report points to expedient reviews by the Department. However, investors should still factor in adequate buffer time to allow for requests for information which stop the review clock.

Sectors and Country of Origin

Of the 26 screened transactions, critical infrastructure was by far the most common basis for notification, accounting for 69% of cases. Critical technologies and dual-use items accounted for a further 15%, supply of critical inputs for 12%, and access to sensitive information for 4%. Freedom and pluralism of the media did not feature. The most affected common economic sectors were energy, telecommunications, information and communication technologies, health and pharmaceuticals.

As to the investor’s country of origin, the Report does not reveal any targeting of specific third countries. Of the 26 screened transactions, investors were from the USA, UK, UAE, Monaco, China and Japan - with the USA and UK accounting for 21 of 26 formal reviews.

Updated Guidance: Key Changes

The updated Guidance introduces a number of welcome clarifications to the previous Guidance. While the amendments are generally minor, stakeholders should note the following:

Intra-group restructurings: The Guidance confirms that restructurings which introduce a new third country party into the ownership structure of a target will be notifiable notwithstanding the general intra-group exemption.
Transaction value threshold: The €2 million threshold includes amounts deducted from the headline consideration in connection with, for example, debt restructuring. The threshold may also apply where a transaction involves the acquisition of a number of associated assets or undertakings.
Critical technologies: The list of critical technologies under Section 9(1)(d) of the Act is non-exhaustive.

EU FDI Regulation Reform

The Report also highlights the first year of operation of the EU cooperation mechanism, which enables Member States and the European Commission to exchange information on FDI filings and to raise specific security or public order concerns about notified transactions. During 2025, the Department shared 23 notifications with other Member States and the European Commission. No formal comments or opinions were issued in connection with those notifications, although the Commission made two requests for additional information and three requests were received from other Member States. Of note, the Department also reviewed 74 notifications shared by other Member States where the transaction had an Irish nexus, such as where the target maintained a subsidiary or conducted substantial business in Ireland, and requested additional information in two of those cases.

Turning to the reform landscape, on 17 June 2026 the Presidents of the Council of the European Union and the European Parliament signed a revised FDI Regulation (Regulation (EU) 2026/1386). The revised Regulation will come into force on 16 July 2026 and will repeal the existing FDI Regulation (Regulation 2019/452). Of note, the revised Regulation will introduce a common minimum sectoral scope and, importantly, screening of intra-EU investments - a significant expansion of the current EU regime.

Member States will have 18 months from the revised Regulation’s entry into force to ensure compliance. While these developments will likely require amendments to the Act, the Department’s view appears to be that Ireland’s existing framework is broadly well-positioned.

Key Takeaways

The Report and updated Guidance provide valuable insights for all stakeholders. A number of practical points are worth emphasising:

Early assessment remains essential: Despite the relatively modest number of screened transactions in year one, the wide net cast by the low financial thresholds, combined with broadly defined sensitive sectors, means that a careful assessment of notification obligations remains important at the outset of any transaction involving a non-EEA/Swiss acquirer and Irish assets or targets.
Complete submissions: The Department’s warning about incomplete notifications is a practical reminder that submissions should be thorough and well-prepared. Requests for information stop the review clock and risk extending the overall timeline.
Intra-group transactions require careful analysis: The clarification on restructurings introducing new third country parties into ownership structures is an important reminder that the intra-group exemption has limits.
Multi-jurisdictional coordination is increasingly important: In cross-border transactions, dealmakers should ensure coordination with notifications in other jurisdictions to avoid delays and ensure messaging to regulators is consistent.
Horizon scanning: The forthcoming revision to the EU FDI Regulation will bring material changes, particularly the novel extension to intra-EU investments. Investors and businesses operating across the EU should begin to consider the implications of these reforms.

Ireland FDI Screening: First Annual Report and Updated Guidance Published

Key Findings from the Annual Report

Review Timelines

Sectors and Country of Origin

Updated Guidance: Key Changes

EU FDI Regulation Reform

Key Takeaways

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Ireland FDI Screening: First Annual Report and Updated Guidance Published

​

Key Findings from the Annual Report

Review Timelines

Sectors and Country of Origin

Updated Guidance: Key Changes

EU FDI Regulation Reform

Key Takeaways