United States: Inward/ Foreign Investment

The United States Committee on Foreign Investment in the United States (CFIUS) has released its 2025 Annual Report to Congress, revealing significant trends in cross-border investment reviews and enforcement activities. The report demonstrates CFIUS's intensified focus on identifying unfiled transactions, monitoring mitigation agreements, and scrutinizing deals involving critical technologies and sensitive data.

The U.S. Department of Agriculture has proposed major changes to foreign investment disclosure rules for agricultural land, expanding definitions and tightening requirements that could significantly impact commercial real estate, energy companies, and institutional investors. What will USDA's next steps be, and how might administrative law principles shape the final rule and potential litigation? Arnold & Porter attorneys with AFIDA expertise and administrative law experience examine the proposed rule, publ

Europe’s defense sector is entering a period of significant investment and consolidation as governments increase defense spending, technological innovation accelerates and policymakers seek to strengthen European industrial capacity.

New York City has implemented a significant annual surcharge on high-value residential properties that don't serve as primary residences, affecting second-home owners, foreign investors, and luxury property holders. The tax, which took effect July 1, 2026, applies graduated rates based on property valuations and is expected to generate approximately $500 million annually. Property owners face tight deadlines to claim exemptions and must navigate complex documentation requirements to prove primary residence

The Committee on Foreign Investment in the United States (CFIUS) reviewed 347 covered transactions in 2025, marking the first full year under the Trump Administration's America First Investment Policy. Despite facing the longest government shutdown in US history, CFIUS maintained active operations while launching a new Known Investor Pilot Program designed to fast-track investments from trusted jurisdictions while maintaining heightened scrutiny on China-linked transactions.

The Trump Administration has expanded U.S. sanctions targeting Cuba through new designations affecting energy, financial services, medical missions, and defense sectors. Most notably, the designation of Guernsey-based Ceiba Investments Limited marks a significant shift, reaching foreign investment firms and creating immediate compliance obligations for U.S. holders of Ceiba debt or equity, with a wind-down deadline of August 22, 2026.

The U.S. Department of Agriculture has issued an aggressive proposed rule that would substantially revise regulations implementing the Agricultural Foreign Investment Disclosure Act of 1978, significantly expanding disclosure obligations for foreign ownership of agricultural land. The proposal broadens the definition of agricultural land, lowers reporting thresholds, and substantially increases penalties for non-compliance, reflecting heightened national security concerns about foreign ownership of U.S. agr

The U.S. Department of the Treasury has launched a revamped CFIUS website featuring a pre-filing consultations portal, enhanced filing guidance, and best practices documentation. These new resources aim to reduce uncertainty for potential filers and streamline the review process by providing clearer expectations and practical guidance on documentation requirements.

On July 29, 2026, the U.S. Department of the Treasury (“Treasury”), as Chair of the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”), published new guidance for the public in the form of a CFIUS Risk Matrix.