diff --git a/app/assets/stylesheets/budgets/investments/form.scss b/app/assets/stylesheets/budgets/investments/form.scss
new file mode 100644
index 000000000..6d84a466d
--- /dev/null
+++ b/app/assets/stylesheets/budgets/investments/form.scss
@@ -0,0 +1,62 @@
+.budget-investment-form {
+
+  .required-fields {
+    @include full-width-background($adjust-padding: true);
+    background: $light;
+    margin-bottom: $line-height;
+    padding-top: $line-height;
+  }
+
+  > fieldset > legend {
+    float: left;
+    font-size: rem-calc(36);
+    font-weight: bold;
+    margin-bottom: $line-height;
+    text-transform: uppercase;
+
+    + * {
+      clear: left;
+    }
+  }
+
+  select {
+    min-height: $line-height * 2;
+
+    @include breakpoint(medium) {
+      &:not(.js-add-language):not(.js-select-language) {
+        width: 50%;
+      }
+    }
+  }
+
+  .globalize-languages,
+  .translatable-fields {
+    @include grid-row-nest;
+    @include grid-column-gutter;
+  }
+
+  .sdg-related-list-selector {
+    padding-left: 0;
+    padding-right: 0;
+  }
+
+  [type="submit"] {
+    @include regular-button;
+    font-size: map-get($button-sizes, large);
+    margin-top: $line-height;
+  }
+
+  .actions {
+    border: 6px solid $border;
+    border-radius: rem-calc(12);
+    margin-left: auto;
+    margin-right: auto;
+    margin-top: $line-height * 2;
+    padding: $line-height * 2 $line-height;
+    text-align: center;
+
+    @include breakpoint(medium) {
+      width: 75%;
+    }
+  }
+}
diff --git a/app/assets/stylesheets/budgets/investments/new.scss b/app/assets/stylesheets/budgets/investments/new.scss
index bda89bd63..f13325fbf 100644
--- a/app/assets/stylesheets/budgets/investments/new.scss
+++ b/app/assets/stylesheets/budgets/investments/new.scss
@@ -1,19 +1,27 @@
 .budget-investment-new {
   $border-width: 4px;
+  @include grid-column-gutter;
 
-  > * {
-    @include grid-column-gutter;
+  > :first-child:not(.print-info) {
+    @include full-width-background($adjust-padding: true);
+    background: $light;
+    margin-top: -$line-height;
+    padding-top: $line-height;
+  }
+
+  h1 {
+    margin-bottom: 0;
   }
 
   header {
     @include has-fa-icon(building, regular, after);
     align-items: center;
+    background-color: $body-background;
     border: $border-width solid;
     color: $brand-secondary;
     border-bottom-right-radius: rem-calc(12);
     border-top-right-radius: rem-calc(12);
     display: flex;
-    margin-bottom: $line-height * 2;
     margin-top: $line-height * 2;
 
     @include breakpoint(large) {
@@ -38,7 +46,6 @@
       display: flex;
       flex: 1;
       font-size: rem-calc(36);
-      margin-bottom: 0;
       padding: $line-height * 2 0;
 
       @include breakpoint(large) {
diff --git a/app/assets/stylesheets/layout.scss b/app/assets/stylesheets/layout.scss
index 85778926f..ec9aef363 100644
--- a/app/assets/stylesheets/layout.scss
+++ b/app/assets/stylesheets/layout.scss
@@ -1074,7 +1074,6 @@ form {
 
   .checkbox,
   .radio {
-    display: inline-block;
     font-weight: normal;
     line-height: $line-height;
     vertical-align: middle;
diff --git a/app/components/budgets/investments/form_component.html.erb b/app/components/budgets/investments/form_component.html.erb
new file mode 100644
index 000000000..34283dbd8
--- /dev/null
+++ b/app/components/budgets/investments/form_component.html.erb
@@ -0,0 +1,109 @@
+<%= translatable_form_for(investment, url: url, html: { class: "budget-investment-form" }) do |f| %>
+
+  <%= render "shared/errors", resource: investment %>
+
+  <fieldset class="required-fields">
+    <legend><%= t("shared.required") %></legend>
+
+    <% unless budget.single_heading? %>
+      <div>
+        <%= f.select :heading_id, budget_heading_select_options(budget), { include_blank: true } %>
+      </div>
+    <% end %>
+
+    <div>
+      <%= render "shared/globalize_locales", resource: investment %>
+    </div>
+
+    <%= f.translatable_fields do |translations_form| %>
+      <div>
+        <%= translations_form.text_field :title,
+              maxlength: Budget::Investment.title_max_length,
+              data: suggest_data(investment) %>
+      </div>
+      <div class="js-suggest" data-locale="<%= translations_form.locale %>"></div>
+
+      <div>
+        <%= translations_form.text_area :description,
+              maxlength: Budget::Investment.description_max_length,
+              class: "html-area" %>
+      </div>
+    <% end %>
+  </fieldset>
+
+  <%= f.invisible_captcha :subtitle %>
+
+  <fieldset>
+    <legend><%= t("shared.optional") %></legend>
+
+    <% if feature?(:allow_images) %>
+      <div class="images">
+        <%= render "images/nested_image", imageable: investment, f: f %>
+      </div>
+    <% end %>
+
+    <% if feature?(:allow_attached_documents) %>
+      <div class="documents">
+        <%= render "documents/nested_documents", documentable: investment, f: f %>
+      </div>
+    <% end %>
+
+    <% if feature?(:map) %>
+      <div>
+        <%= render "map_locations/form_fields",
+                   form:     f,
+                   map_location: investment.map_location || MapLocation.new,
+                   label:    t("budgets.investments.form.map_location"),
+                   help:     t("budgets.investments.form.map_location_instructions"),
+                   remove_marker_label: t("budgets.investments.form.map_remove_marker"),
+                   parent_class: "budget_investment",
+                   i18n_namespace: "budgets.investments" %>
+      </div>
+    <% end %>
+
+    <div>
+      <%= f.text_field :location %>
+    </div>
+
+    <div>
+      <%= f.text_field :organization_name %>
+    </div>
+
+    <div>
+      <%= f.label :tag_list, t("budgets.investments.form.tags_label") %>
+      <p class="help-text" id="tags-list-help-text"><%= t("budgets.investments.form.tags_instructions") %></p>
+
+      <div id="category_tags" class="tags">
+        <%= f.label :category_tag_list, t("budgets.investments.form.tag_category_label") %>
+        <% categories.each do |tag| %>
+          <a class="js-add-tag-link"><%= tag.name %></a>
+        <% end %>
+      </div>
+
+      <br>
+      <%= f.text_field :tag_list, value: investment.tag_list.to_s,
+                        label: false,
+                        placeholder: t("budgets.investments.form.tags_placeholder"),
+                        aria: { describedby: "tags-list-help-text" },
+                        class: "js-tag-list tag-autocomplete",
+                        data: { js_url: suggest_tags_path } %>
+    </div>
+
+    <%= render SDG::RelatedListSelectorComponent.new(f) %>
+  </fieldset>
+
+  <div class="actions">
+    <% unless current_user.manager? || investment.persisted? %>
+      <div>
+        <%= f.check_box :terms_of_service,
+          title: t("form.accept_terms_title"),
+          label: t("form.accept_terms",
+                   policy: link_to(t("form.policy"), "/privacy", target: "blank"),
+                   conditions: link_to(t("form.conditions"), "/conditions", target: "blank")
+                  ) %>
+      </div>
+    <% end %>
+
+    <%= f.submit %>
+  </div>
+<% end %>
diff --git a/app/components/budgets/investments/form_component.rb b/app/components/budgets/investments/form_component.rb
new file mode 100644
index 000000000..181328e04
--- /dev/null
+++ b/app/components/budgets/investments/form_component.rb
@@ -0,0 +1,21 @@
+class Budgets::Investments::FormComponent < ApplicationComponent
+  include TranslatableFormHelper
+  include GlobalizeHelper
+  attr_reader :investment, :url
+  delegate :current_user, :budget_heading_select_options, :suggest_data, to: :helpers
+
+  def initialize(investment, url:)
+    @investment = investment
+    @url = url
+  end
+
+  private
+
+    def budget
+      investment.budget
+    end
+
+    def categories
+      Tag.category.order(:name)
+    end
+end
diff --git a/app/controllers/budgets/investments_controller.rb b/app/controllers/budgets/investments_controller.rb
index 6286fe13b..a06e68d1e 100644
--- a/app/controllers/budgets/investments_controller.rb
+++ b/app/controllers/budgets/investments_controller.rb
@@ -22,7 +22,7 @@ module Budgets
     before_action :load_ballot, only: [:index, :show]
     before_action :load_heading, only: [:index, :show]
     before_action :set_random_seed, only: :index
-    before_action :load_categories, only: [:index, :new, :create, :edit, :update]
+    before_action :load_categories, only: :index
     before_action :set_default_investment_filter, only: :index
     before_action :set_view, only: :index
     before_action :load_content_blocks, only: :index
diff --git a/app/controllers/management/budgets/investments_controller.rb b/app/controllers/management/budgets/investments_controller.rb
index 627964a69..ae3abf85d 100644
--- a/app/controllers/management/budgets/investments_controller.rb
+++ b/app/controllers/management/budgets/investments_controller.rb
@@ -18,7 +18,6 @@ class Management::Budgets::InvestmentsController < Management::BaseController
   end
 
   def new
-    load_categories
   end
 
   def create
@@ -30,7 +29,6 @@ class Management::Budgets::InvestmentsController < Management::BaseController
       notice = t("flash.actions.create.notice", resource_name: Budget::Investment.model_name.human, count: 1)
       redirect_to management_budget_investment_path(@budget, @investment), notice: notice
     else
-      load_categories
       render :new
     end
   end
@@ -59,8 +57,4 @@ class Management::Budgets::InvestmentsController < Management::BaseController
     def load_budget
       @budget = Budget.find_by_slug_or_id! params[:budget_id]
     end
-
-    def load_categories
-      @categories = Tag.category.order(:name)
-    end
 end
diff --git a/app/views/budgets/investments/_form.html.erb b/app/views/budgets/investments/_form.html.erb
index 8296a2e30..4ef77fb0d 100644
--- a/app/views/budgets/investments/_form.html.erb
+++ b/app/views/budgets/investments/_form.html.erb
@@ -1,109 +1 @@
-<%= translatable_form_for(@investment, url: form_url, html: { multipart: true }) do |f| %>
-
-  <%= render "shared/errors", resource: @investment %>
-
-  <div class="row column">
-    <% unless @budget.single_heading? %>
-      <div class="small-12 medium-8 column">
-        <%= f.select :heading_id, budget_heading_select_options(@budget), { include_blank: true } %>
-      </div>
-    <% end %>
-
-    <div class="row">
-      <div class="small-12 column">
-        <%= render "shared/globalize_locales", resource: @investment %>
-      </div>
-    </div>
-
-    <%= f.translatable_fields do |translations_form| %>
-      <div class="small-12 column">
-        <%= translations_form.text_field :title,
-              maxlength: Budget::Investment.title_max_length,
-              data: suggest_data(@investment) %>
-      </div>
-      <div class="js-suggest" data-locale="<%= translations_form.locale %>"></div>
-
-      <div class="small-12 column">
-        <%= translations_form.text_area :description,
-              maxlength: Budget::Investment.description_max_length,
-              class: "html-area" %>
-      </div>
-    <% end %>
-
-    <%= f.invisible_captcha :subtitle %>
-
-    <% if feature?(:allow_images) %>
-      <div class="images small-12 column">
-        <%= render "images/nested_image", imageable: @investment, f: f %>
-      </div>
-    <% end %>
-
-    <% if feature?(:allow_attached_documents) %>
-      <div class="documents small-12 column">
-        <%= render "documents/nested_documents", documentable: @investment, f: f %>
-      </div>
-    <% end %>
-
-    <% if feature?(:map) %>
-      <div class="small-12 column">
-
-        <%= render "map_locations/form_fields",
-                   form:     f,
-                   map_location: @investment.map_location || MapLocation.new,
-                   label:    t("budgets.investments.form.map_location"),
-                   help:     t("budgets.investments.form.map_location_instructions"),
-                   remove_marker_label: t("budgets.investments.form.map_remove_marker"),
-                   parent_class: "budget_investment",
-                   i18n_namespace: "budgets.investments" %>
-
-      </div>
-    <% end %>
-
-    <div class="small-12 column">
-      <%= f.text_field :location %>
-    </div>
-
-    <div class="small-12 column">
-      <%= f.text_field :organization_name %>
-    </div>
-
-    <div class="small-12 column">
-      <%= f.label :tag_list, t("budgets.investments.form.tags_label") %>
-      <p class="help-text" id="tags-list-help-text"><%= t("budgets.investments.form.tags_instructions") %></p>
-
-      <div id="category_tags" class="tags">
-        <%= f.label :category_tag_list, t("budgets.investments.form.tag_category_label") %>
-        <% @categories.each do |tag| %>
-          <a class="js-add-tag-link"><%= tag.name %></a>
-        <% end %>
-      </div>
-
-      <br>
-      <%= f.text_field :tag_list, value: @investment.tag_list.to_s,
-                        label: false,
-                        placeholder: t("budgets.investments.form.tags_placeholder"),
-                        aria: { describedby: "tags-list-help-text" },
-                        class: "js-tag-list tag-autocomplete",
-                        data: { js_url: suggest_tags_path } %>
-    </div>
-
-    <%= render SDG::RelatedListSelectorComponent.new(f) %>
-
-    <% unless current_user.manager? %>
-
-      <div class="small-12 column">
-        <%= f.check_box :terms_of_service,
-          title: t("form.accept_terms_title"),
-          label: t("form.accept_terms",
-                   policy: link_to(t("form.policy"), "/privacy", target: "blank"),
-                   conditions: link_to(t("form.conditions"), "/conditions", target: "blank")
-                  ) %>
-      </div>
-
-    <% end %>
-
-    <div class="actions small-12 medium-6 large-4 end column">
-      <%= f.submit(nil, class: "button expanded") %>
-    </div>
-  </div>
-<% end %>
+<%= render Budgets::Investments::FormComponent.new(@investment, url: form_url) %>
diff --git a/app/views/budgets/investments/edit.html.erb b/app/views/budgets/investments/edit.html.erb
index ffdb0dcdf..6821e7697 100644
--- a/app/views/budgets/investments/edit.html.erb
+++ b/app/views/budgets/investments/edit.html.erb
@@ -1,6 +1,7 @@
-<div class="budget-investment-new row">
-  <div class="small-12 medium-9 column">
+<div class="budget-investment-new">
+  <div>
     <h1><%= t("management.budget_investments.edit") %></h1>
-    <%= render "/budgets/investments/form", form_url: budget_investment_path(@budget, @investment) %>
   </div>
+
+  <%= render "/budgets/investments/form", form_url: budget_investment_path(@budget, @investment) %>
 </div>
diff --git a/app/views/management/budgets/investments/new.html.erb b/app/views/management/budgets/investments/new.html.erb
index d8fa9048c..d2b280606 100644
--- a/app/views/management/budgets/investments/new.html.erb
+++ b/app/views/management/budgets/investments/new.html.erb
@@ -1,6 +1,6 @@
 <div class="budget-investment-new">
 
-  <div class="clear float-right">
+  <div class="print-info clear float-right">
     <%= render "/shared/print" %>
   </div>
 
diff --git a/config/locales/en/general.yml b/config/locales/en/general.yml
index a58e5e6ba..d0d1ff500 100644
--- a/config/locales/en/general.yml
+++ b/config/locales/en/general.yml
@@ -774,6 +774,8 @@ en:
         zero: "0 languages in use"
         one: "1 language in use"
         other: "%{count} languages in use"
+    optional: "Optional"
+    required: "Required"
   social:
     facebook: "%{org} Facebook"
     twitter: "%{org} Twitter"
diff --git a/config/locales/es/general.yml b/config/locales/es/general.yml
index 81a903d8c..aa8b4b8ee 100644
--- a/config/locales/es/general.yml
+++ b/config/locales/es/general.yml
@@ -774,6 +774,8 @@ es:
         zero: "0 idiomas en uso"
         one: "1 idioma en uso"
         other: "%{count} idiomas en uso"
+    optional: "Opcional"
+    required: "Obligatorio"
   social:
     facebook: "Facebook de %{org}"
     twitter: "Twitter de %{org}"
diff --git a/spec/components/budgets/investments/form_component_spec.rb b/spec/components/budgets/investments/form_component_spec.rb
new file mode 100644
index 000000000..8e6bcfb11
--- /dev/null
+++ b/spec/components/budgets/investments/form_component_spec.rb
@@ -0,0 +1,36 @@
+require "rails_helper"
+
+describe Budgets::Investments::FormComponent, type: :component do
+  include Rails.application.routes.url_helpers
+
+  let(:budget) { create(:budget) }
+
+  before do
+    allow(controller).to receive(:current_user).and_return(create(:user))
+    allow(request).to receive(:path_parameters).and_return(budget_id: budget.id)
+  end
+
+  describe "accept terms of services field" do
+    it "is shown for new investments" do
+      investment = build(:budget_investment, budget: budget)
+
+      render_inline Budgets::Investments::FormComponent.new(
+        investment,
+        url: budget_investments_path(budget)
+      )
+
+      expect(page).to have_field "I agree to the Privacy Policy and the Terms and conditions of use"
+    end
+
+    it "is not shown for existing investments" do
+      investment = create(:budget_investment, budget: budget)
+
+      render_inline Budgets::Investments::FormComponent.new(
+        investment,
+        url: budget_investment_path(budget, investment)
+      )
+
+      expect(page).not_to have_field "I agree to the Privacy Policy and the Terms and conditions of use"
+    end
+  end
+end
diff --git a/spec/system/budgets/investments_spec.rb b/spec/system/budgets/investments_spec.rb
index 60b056d95..87a55a069 100644
--- a/spec/system/budgets/investments_spec.rb
+++ b/spec/system/budgets/investments_spec.rb
@@ -633,7 +633,6 @@ describe "Budget Investments" do
 
       click_link("Edit", match: :first)
       fill_in "Title", with: "Park improvements"
-      check "budget_investment_terms_of_service"
 
       click_button "Update Investment"
 
@@ -651,7 +650,6 @@ describe "Budget Investments" do
       visit user_path(daniel, filter: "budget_investments")
       click_link("Edit", match: :first)
       fill_in "Title", with: ""
-      check "budget_investment_terms_of_service"
 
       click_button "Update Investment"