Defence Minister Antti Häkkänen at a press conference on the government’s proposal to ban real estate acquisitions in Helsinki on 6 February 2025. LEHTIKUVA
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Finland has introduced legislation to ban property purchases by Russian nationals, citing national security risks. The government submitted the bill to parliament on 6 February, proposing restrictions on individuals and entities from countries engaged in aggressive wars that pose a potential threat to Finland.
The proposed law would prohibit real estate acquisitions by Russian citizens, Russian-owned companies, and other entities under Russian influence.
Finnish Defence Minister Antti Häkkänen said the move is necessary to mitigate security threats linked to foreign property ownership.
“Russia continues to pose a security threat in Europe,” Häkkänen stated. “Real estate can be exploited for hostile influence, including economic pressure, intelligence activities, and potential sabotage. Our aim is to reduce all possible risks to Finland’s national security.”
The restrictions would not apply to individuals holding a permanent residence permit in Finland or a long-term EU residence permit issued by Finland. The bill also includes provisions to prevent circumvention through proxy buyers. Authorities would be empowered to demand additional permits if they suspect a property transaction is being conducted through intermediaries to conceal the true buyer’s identity.
Finland has previously blocked several real estate acquisitions by Russian individuals and companies, citing national security concerns. Under the current legal framework, authorities can already deny permits for property transactions deemed a security risk, but the new law is designed to make restrictions clearer and enforcement easier.
The bill is expected to be debated in parliament this spring, with the government hoping for swift approval and implementation.
HT
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Source: www.helsinkitimes.fi
