Finland will Ban Russians from Buying Real Estate in its Country

Finland is gearing up to enact a comprehensive prohibition on Russian citizens purchasing real estate in the country, as announced by Defense Minister Antti Hakkanen in a statement on Friday, published on Finland’s official government website.

Citing “changes in the security situation” and amendments made last year to property transaction legislation involving entities outside the EU, Finland aims to intensify controls by specifically targeting Russians. Hakkanen revealed that a cross-administrative working group has been established to evaluate the potential implementation of a complete ban on real estate acquisition by Russians and to formulate the necessary legislation.

Highlighting Russia’s involvement in a “war of aggression in Europe,” Hakkanen stressed the importance of safeguarding border security, critical infrastructure, and real estate holdings to prevent potential destabilization of society. He expressed concerns that Russia might exploit real estate holdings for influence campaigns, leading the Finnish government to consider a blanket ban as a precautionary measure.

“It is difficult to control and assess in advance what kind of holdings can cause problems. That is why we plan to start with a complete ban, to which we can consider providing exceptions,” Hakkanen explained, emphasizing that the legislation is still in progress and far from being finalized.

Anticipating that the changes would extend beyond property sales to also include rentals, Hakkanen expects the working group to conclude the legislation by March 31, 2024. Up to now, Finnish authorities have blocked four property sales to Russians on security grounds, with considerations of confiscating real estate already owned by Russians. Moscow has not yet commented on these developments.