The Slovak Ministry of Economy has published its annual report on foreign investment screening for 2025. The report contains only limited information, of which the most relevant are the number of investments screened, the duration and outcomes of screening proceedings, and the number of inspections conducted and sanctions imposed by the Ministry. In this article, we take a closer look at these numbers.
Number of investments screened
Under the Slovak foreign investment screening regime, only investments completed by investors from countries outside the European Union are considered foreign investments. The regime distinguishes between critical and non-critical investments. A foreign investor is required to notify the Ministry of a critical investment and obtain approval before implementing the investment. By contrast, non-critical investments do not have to be notified, but if an investor decides not to do so, it faces a risk that the Ministry initiates an ex officio review within two years of the investment’s implementation.
Within this framework, the Ministry reviewed a total of 14 foreign investments in 2025, seven of which were classified as critical and seven as non-critical. This represents a modest increase in screenings compared to 2024, when a total of 10 investments were reviewed, including seven critical and three non-critical investments. We believe that the increase in the number of investments being screened is at least partially a result of the implementation of the NIS 2 Directive on cybersecurity, which has broadened the scope of critical investments.
One of the most significant developments of 2025 was that, for the first time since the Foreign Investment Screening Act became effective in March 2023, the Ministry initiated an ex officio review. In doing so, the Ministry demonstrated that it actively monitors the market and is prepared to review even non-critical investments where there are concerns that they could have a negative impact.
Duration and outcome of screening reviews
The review of a critical foreign investment in 2025 took, on average, 84 days. The review of a non-critical investment took 67 days. However, in the case of non-critical investments, if the Ministry identifies a potential risk during its initial assessment, it proceeds to conduct a more detailed review. The duration of this additional review is broadly comparable to the review of a critical investment (i.e., it adds another 84 days on average).
The Ministry granted unconditional approval to all foreign investments reviewed in 2025. As of the end of 2025, the Ministry has thus never intervened in any investment reviewed under the screening regime.
Number of inspections and sanctions imposed
The Slovak foreign investment screening process does not end once an investment has been approved. Following approval, a foreign investor is required to (i) register in the Register of Public Sector Partners, (ii) submit a report on the completion of the foreign investment and, in the case of critical investments, also (iii) submit an annual monitoring report for a period of three years.
The Ministry has general powers to monitor compliance with foreign investors’ statutory obligations and to impose sanctions when it identifies violations. Importantly, the Ministry is legally required to conduct an inspection following the submission of a report on the completion of an investment, as well as after the submission of each monitoring report. In 2025, the Ministry conducted a total of 21 inspections. We assume that the vast majority, if not all, of these inspections were related to the submission of mandatory reports.
The Ministry imposed 12 fines for violations of obligations under the foreign investment screening regime in 2025. The amount of the fines was not disclosed, but according to the report, two of them were imposed for failure to register in the Register of Public Sector Partners. The remaining breaches were not specified.
Summary
In 2025, the Ministry continued to actively enforce the foreign investment screening regime, reviewing a total of 14 foreign investments. The average review period was 84 days for critical investments and 67 days for non-critical investments (if no risks are identified). Notably, the Ministry exercised its power to conduct an ex officio review of a non-critical investment for the first time. The Ministry also remained active in monitoring implemented investments and imposed sanctions in cases of non-compliance.
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HAVEL & PARTNERS has a dedicated team of lawyers specialising in foreign investment screening. Each year, we advise dozens of investors in connection with analysing notification obligations to the Slovak Ministry of Economy. We have extensive experience with foreign investment screening applications, as well as with fulfilling related administrative obligations following the completion of a foreign investment. If you have any questions regarding foreign investment screening in Slovakia, our team is ready to assist you.
