realestate

Finland considers restricting Russian real estate purchases

Finland's Defense Minister Antti Hakkanen proposes restricting Russian citizens' ability to purchase real estate in Finland to safeguard national security, according to a Reuters report on September 2.

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    The Finnish government has proposed a ban on Russian citizens buying real estate in Finland to ensure national security, according to Finnish Defense Minister Antti Hakkanen, as reported by Reuters on September 2. This proposal comes amid deteriorating relations between Finland and Russia since Russia's full-scale invasion of Ukraine in February 2022. In response to the war, Finland joined NATO in April 2023, extending the NATO-Russian border by approximately 1,340 kilometers (830 miles).

    The proposed ban would not apply to dual nationals or Russians permanently residing in Finland or other European Union countries. The restrictions are subject to expert consultation before a parliamentary vote. According to Hakkanen, "The regulations are aimed at preventing possible hostile influences against Finland."

    Finland is currently tracking about 3,500 properties related to Russian owners, although Hakkanen did not provide further details. In an effort to limit the acquisition of real estate by Russian citizens near strategic facilities, Helsinki blocked three deals in October and three more in January 2024, as reported by Reuters.

    In 2023, Finland closed all checkpoints on the border with Russia and accused Moscow of weaponizing migration by encouraging migrants from countries like Syria and Somalia to cross the border. The Kremlin denies these allegations. Helsinki believes Moscow is promoting these crossings as retaliation for Finland joining NATO, which supports Ukraine against Russia's unprovoked war.

    On July 12, Finland's parliament passed a law granting border guards the authority to block asylum seekers crossing from Russia. This law was enacted due to Helsinki's belief that Moscow is promoting crossings as retaliation for Finland joining NATO.

Finland government officials discuss potential restrictions on Russian property ownership in Helsinki.