Finland wants to ban russians from buying real estate because of security risks. This is reported by the Ministry of Defense of Finland, UNN reports.
Details
The Finnish government has introduced a bill to the parliament that would prohibit citizens of countries at war from buying real estate in Finland. The law will also apply to legal entities registered in such countries or companies under their influence.
According to the new regulations, real estate transactions will no longer be possible for persons who may pose a potential threat to Finnish security. The government believes that real estate can be used as an instrument of hostile influence, which can have consequences for the economy, infrastructure, business and overall stability of the state.
The proposed amendments are intended to reduce the number of applications for real estate purchase permits from citizens of countries subject to the restrictions. This will allow the authorities to more closely control the verification process and allocate administrative resources more efficiently.
At the same time, the new rules will not apply to foreigners with a valid permanent residence permit in Finland or long-term EU resident status issued by the Finnish authorities. In such cases, the decision to purchase real estate will continue to be made by the Ministry of Defense.
In order to prevent possible attempts to circumvent the law, mechanisms are in place to detect fictitious buyers. The Ministry of Defense will be able to request additional authorizations if it suspects the use of fictitious persons. In addition, coordination between government agencies is being strengthened to ensure more efficient information exchange.
The proposed legislation is in line with the program of the government of Prime Minister Petteri Orpo, which envisages reviewing and tightening the regulation of real estate acquisitions by foreign entities outside the EU and EEA.