United States Foreign Investment Review: Considerations for European Investors

AGG International Trade co-chair Clinton Yu authored an article published by Verlag C.H.Beck GmbH & Co. KG examining the Committee on Foreign Investment in the United States (“CFIUS”) process and key considerations for European investors in U.S. transactions.

Clinton explains that CFIUS jurisdiction can extend beyond acquisitions of control to certain noncontrolling investments in technology, infrastructure, and data businesses, as well as certain real estate transactions near sensitive U.S. sites. He also reviews mandatory filing triggers, declarations and notices, enforcement authority, and the possibility of post-closing mitigation or divestiture.

The article addresses the Trump administration’s America First Investment Policy and the 2025 CFIUS Annual Report, including the Known Investor Pilot Program, increased filing activity, and lower declaration clearance rates. It also covers greater use of investigations, withdrawals, and refilings. Clinton notes that European investment remains prominent in CFIUS reviews involving critical technology, with France, Germany, and the United Kingdom among the leading countries for declarations in 2025.

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