On 17 September 2020, the Belgian Minister of Economy announced ongoing work on possible models for a future screening procedure to safeguard Belgium's essential security interests and that a specific proposal had been submitted for consideration to the Council of State. A draft law introducing an FDI screening mechanism was deposited on 23 February 2021.
Previously, an Administrative Decree, effective as of 1 January 2019 in the Belgian Region of Flanders, introduced the possibility of review and prohibition, including ex-post, of certain transactions regarding entities directly related to the Flemish authorities and fulfilling a public interest to protect strategic interests of the Flemish Community or the Region of Flanders. As per the OECD FDIRRI methodology, sub-national legislation are not taken into account.
On 1 July 2023, the Cooperation agreement of 30 November 2022 setting up a screening mechanism of foreign direct investments entered into force. The agreement introduces a mandatory prior authorisation for non-EU foreign direct investments in certain sectors to safeguard national security, public order and the strategic interests of the agreement's parties. The notification requirements apply to: (1) direct or indirect acquisitions of control by foreign investors of no less than 10% of voting rights in Belgian companies operating in the sectors of defence (including dual-use goods), energy, cybersecurity, electronic communications, and digital infrastructure and that have an annual turnover superior to EUR 100 million; and (2) to direct or indirect acquisitions of control of 25% of voting rights in Belgian companies operating in other sensitive sectors listed in the agreement (including critical infrastructure, raw materials essential for security, defence or public order, military equipment, dual-use equipment, technologies of strategic importance, freedom and plurality of the media, among others).  The agreement also foresees the creation of an Inter-Federal Screening Committee (Comité de Filtrage Interfédéral) in charge of assessing notified transactions subject to the agreement. Greenfield investment is excluded from the scope of application of the agreement.
On 27 July 2023, the Law of 4 July 2023 on the use of the languages of the inter-federal screening mechanism established by the Cooperation Agreement of 30 November 2022 to establish a foreign direct investment screening mechanism entered into force. It sets out the rules that determine whether a transaction must be notified in French or in Dutch. The language rules are mandatory, and failure to comply will result in the nullity of the notification of a transaction under the Cooperation Agreement.
On 4 April 2024, the Inter-Federal Screening Committee published a first set of guidelines for the screening of foreign direct investments under the Cooperation Agreement of 30 November 2022 to establish a foreign direct investment screening mechanism. The guidelines are presented as 'Frequently Asked Questions'. The guidelines self-characterise as a dynamic document that can be adapted on an ongoing basis to reflect changes in regulations, new requests from companies and their representatives and the experience gained by the members of the Inter-Federal Screening Committee.
On 15 June 2024, the Royal Decree of 21 April 2024 amending the Royal Decree of 15 June 2023 implementing the Law of 14 February 2023 assenting to the Cooperation Agreement of 30 November 2022 to establish a foreign direct investment screening mechanism entered into force. The Royal Decree of 21 April 2024 regulates the cooperation between the representatives of the Federal State in the Inter-Federal Screening Committee. Under this Royal Decree, the representatives of the Federal State must always act in concert and must take due account of the opinions of the federal network of contact points, which are established in all federal public services, regulatory authorities and key agencies and are designated by a series of public institutions.
"Article 1. For the purposes of this decree, the following terms shall be understood to mean:
1. "the cooperation agreement": the cooperation agreement of 30 November 2022 between the Federal State, the Flemish Region, the Walloon Region, the Brussels-Capital Region, the Flemish Community, the French Community, the German-speaking Community, the French Community Commission and the Joint Community Commission aimed at establishing a mechanism for screening foreign direct investments;
2. "the CFI": the Interfederal Screening Committee within the meaning of Article 2, 5°, of the cooperation agreement.
Art. 2. Pursuant to Article 3, § 2, paragraph 4, first sentence, of the Cooperation Agreement and in accordance with Article 3, § 2, paragraph 3, of the Cooperation Agreement, the Ministers responsible for Economy and Finance shall each appoint a representative of the Federal State to the CFI.
The Ministers referred to in paragraph 1 shall each appoint a full member who may act as a representative of the Federal State. In addition, these Ministers may each appoint one or more substitute members.
In accordance with Article 3, § 2, paragraph 4, second sentence, of the Cooperation Agreement, the representatives of the Federal State referred to in paragraph 1 shall be officials who are part of an administration falling within the competence of the Ministers responsible for Economy and Finance.
The ministers referred to in paragraph 1 shall regulate cooperation between the representatives of the federal State in the CFI and shall lay down the terms of implementation of this decree.
The representatives of the federal State in the CFI shall always endeavour to act in concert, also taking due account of the comments of a federal network of contact points that they have set up.
The federal network of contact points shall consist of contact points in all federal public services, federal public programming services, and other relevant government agencies. Contact points shall be designated in particular by the Financial Information Processing Unit, the Financial Services and Markets Authority, the National Bank of Belgium, the Belgian Institute for Postal Services and Telecommunications, the Gaming Commission, the Federal Agency for the Safety of the Food Chain and the Federal Agency for Medicines and Health Products.
Art. 3 .In application of article 10, § 3, of the cooperation agreement, the ministers who have Economy and Finance in their attributions are the federal ministers authorized to take decisions on the basis of the opinions of the members of the CFI referred to in article 2.[...]" (Royal Decree of 15 June 2023, effective 22 June 2023, last amended 15 June 2024, Articles 1, 2, and 3 [google translation])
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"Article 1. This law regulates a matter referred to in Article 74 of the Constitution.
Art. 2. For the purposes of this law, the following terms shall apply:
1° Cooperation Agreement: the cooperation agreement of November 30, 2022, aimed at establishing a screening mechanism for foreign direct investments;
2° Foreign direct investment: an investment referred to in Article 2, 3°, of the cooperation agreement;
3° Interfederal Screening Committee: the committee referred to in Article 2, 5°, of the cooperation agreement;
4° Control: the control referred to in Article 2, 1°, of the cooperation agreement;
5° Foreign investor: the investor referred to in Article 2, 4°, of the cooperation agreement.
Art. 3. § 1. Under penalty of nullity, the notification referred to in Article 5, § 1, first paragraph, § 2 or § 3, of the cooperation agreement shall be made in French or Dutch, in accordance with the following rules:
1° when the company or entity in which the foreign direct investment is planned or has been made has its head office or place of establishment in the Flemish Region, the investment shall be notified in Dutch;
2° when the company or entity in which the foreign direct investment is planned or has been made has its head office or place of establishment in the Walloon Region, the investment shall be notified in French;
3° when the company or entity in which the foreign direct investment is planned or has been made has its head office or place of establishment in the Brussels-Capital Region, the investment shall be notified in French or Dutch; 4° when the foreign direct investment is planned or has been made in two or more enterprises or entities between which there is a controlling relationship, the investment shall be notified in a language determined by the head office or place of establishment of the controlling enterprise or entity, in accordance with the rules set out in 1° to 3°;
5° when the foreign direct investment is planned or has been made in two or more enterprises or entities that have their head office or place of establishment in different regions and between which there is no controlling relationship, the investment may be notified in Dutch or French.
§ 2. The annexes attached to the notification referred to in paragraph 1 may be written in a language other than that of the notification.
Art. 4. The rules governing the use of languages ​​referred to in Article 3 apply by analogy when the Interfederal Screening Committee initiates an ex officio procedure pursuant to Articles 24 to 27 of the Cooperation Agreement.
Art. 5. Subject to paragraphs 2 and 3, all subsequent communications with the foreign investor during the screening process shall be conducted in the language of the notification.
The secretariat and the competent members of the Interfederal Screening Committee may, at the request of the foreign investor, decide to use, at any given time, a language other than the language of the notification.
The provisional decisions referred to in Article 23, § 1, paragraph 1, of the Cooperation Agreement do not need to be translated if they are taken in a language other than the language of the notification. [...]" (Law on the use of the languages of the screening mechanism established by the cooperation agreement of 30 November 2022 aimed at setting up a screening mechanism for foreign direct investment, Federal Public Service, Economy, SMEs, Self-employed and Energy, 4 July 2023, Articles 1,2, 3, 4, and 5 [google translation])
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"Article 1. [...]
§ 2 The sole purpose of this cooperation agreement is to safeguard the national security, public order and strategic interests of the parties to this cooperation agreement. 
[...]
Art. 2 For the purposes of this agreement, the following definitions shall apply: [...]
4° foreign investor :
- any natural person whose principal place of residence is outside the European Union (hereinafter referred to as "EU") ;
- any company from a third country, incorporated or otherwise organized in accordance with the legislation of a non-EU third country, whose registered office or principal activity is located in a country outside the EU; or
- any company of which one of the beneficial owners [...] has his principal place of residence outside the EU ;
including, but not limited to, public authorities, public institutions, public undertakings and private undertakings and institutions wishing to acquire control of an entity established in Belgium or having its principal place of business in Belgium; [...] 
6° strategic interests: the interests of federated entities, within the framework of their material competences, aimed at
a) guarantee the continuity of vital processes ;
b) prevent certain strategic or sensitive knowledge from falling into foreign hands;
c) ensure strategic independence.
[...]
Art. 4. 
§ 1. The provisions of this agreement apply to direct foreign investments which may have an impact on security or public order in Belgium as provided for in the Regulations, or for the strategic interests of federated entities, and which are intended to establish or maintain lasting direct relations between the foreign investor and the entrepreneur or enterprise to which the capital is made available with a view to carrying out an economic activity in an EU Member State, including investments which allow effective participation in the management or control of an enterprise carrying out an economic activity.
§ 2 Foreign direct investments are deemed to be investments within the meaning of the preceding paragraph if they :
1° give rise, directly or indirectly, to the acquisition of at least 10% of the voting rights in companies established in Belgium and whose activities are related to the defense, including dual-use products, energy, cybersecurity, electronic communications or digital infrastructure sectors, and whose annual sales during the financial year preceding the acquisition of at least 10% of the voting rights exceeded 100 million euros; or
2° give rise, directly or indirectly, to the acquisition of at least 25% of the voting rights in companies or entities established in Belgium and whose activities concern :
[see legal source for list of activities concerned] [...]
§ 4. Investments aimed at creating new economic activities by a foreign investor, without taking over existing economic activities in the process, do not fall within the scope of this Agreement.
[...]
Art. 5.
§ 1st. After the conclusion and before the completion of the agreement, the publication of the purchase or exchange offer, or the acquisition of a controlling interest, the foreign investor who will acquire control by means of an investment or passively in one of the sectors as defined in Article 4, § 2, or which, directly and/or indirectly, acquires in total, depending on the case, 10% or 25% of the voting rights in this entity, notifies it to the CFI secretariat on its own initiative, either itself or through an authorized legal entity established in the EU. [...]" (Cooperation agreement of 30 November 2022 aimed at establishing a mechanism for filtering of foreign direct investments, 30 November 2022, Articles 1, 2, 4 and 5 [google translation])
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"Section 5. — Safeguarding the strategic interests of the Flemish Community and the Flemish Region
Art. III.59. This section applies to the following public authorities:
1° the Flemish Authority, with the exception of the Flemish Parliament, its services and institutions linked to the Flemish Parliament;
2° local authorities;
3° institutions not falling under points 1° or 2° but meeting the following characteristics:
a) they were created to specifically satisfy needs of general interest;
b) they have legal personality;
c) 1) either, more than half of their funding comes from a body falling within the scope of this section;
2) either, a body falling within the scope of this section has more than half of the votes within the board of directors;
3) or, their management is placed under the supervision of a body falling within the scope of this section.
Art. III.60. If a legal act of a public body, as referred to in Article III.59, results in foreign natural or legal persons acquiring control or decision-making power in this public body, and if the strategic interests of the Flemish Community or the Flemish Region are threatened as a result, in particular if the continuity of essential processes is threatened, if certain strategic or sensitive knowledge is threatened by foreign control or if the strategic independence of the Flemish Community or the Flemish Region is threatened, the Flemish Government may declare this legal act null or not applicable. The Flemish Government can only apply the first paragraph if it can demonstrate that it has tried to safeguard strategic interests with the consent of the public body concerned." (Administrative decree of 7 December 2018, Moniteur Belge, 19 December 2018, no. 297, Article III.59 and III.60 [google translation])
Royal Decree of 15 June 2023, effective 22 June 2023, last amended 15 June 2024
Royal Decree amending the Royal Decree of 15 June 2023 implementing the law of 14 February 2023 approving the cooperation agreement of 30 November 2022 between the Federal State, the Flemish Region, the Walloon Region, the Brussels-Capital Region, the Flemish Community, the French Community, the German-speaking Community, the French Community Commission and the Joint Community Commission aimed at establishing a mechanism for screening foreign direct investments, Federal Public Service Economy, SMEs, Middle Classes and Energy, 21 April 2024
Law on the use of the languages of the screening mechanism established by the cooperation agreement of 30 November 2022 aimed at setting up a screening mechanism for foreign direct investment, Federal Public Service, Economy, SMEs, Self-employed and Energy, 4 July 2023
Cooperation agreement of 30 November 2022 aimed at establishing a mechanism for filtering of foreign direct investments, 30 November 2022
[<a href="https://www.ejustice.just.fgov.be/cgi_loi/article.pl?language=fr&numac_search=2023042995#text">Decree</a>],[<a href="https://www.ejustice.just.fgov.be/cgi_loi/article.pl?language=fr&sum_date=&pd_search=2024-06-05&numac_search=2024005156&page=&lg_txt=F&caller=article&2024005156=0">Amendment</a>],[<a href="https://www.ejustice.just.fgov.be/img_l/pdf/2023/07/04/2023043534_F.pdf">Law</a>],[<a href="https://economie.fgov.be/sites/default/files/Files/Commercial-policy/sceening-samenwerkingsakkoord-filtrage-accord-cooperation.pdf">Agreement</a>],[<a href="https://economie.fgov.be/sites/default/files/Files/Commercial-policy/Lignes-directrices-investissements-etrangers.pdf">Other</a>]