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Finland Plans Complete Ban on Real Estate Transactions for Russians

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Photo: Finland Plans Complete Ban on Real Estate Transactions for Russians. Source: Collage The Gaze / by Leonid Lukashenko
Photo: Finland Plans Complete Ban on Real Estate Transactions for Russians. Source: Collage The Gaze / by Leonid Lukashenko

Finland's Minister of Defense, Antti Hakkanen, believes that Russian citizens should not have the right to engage in real estate transactions in the country. While such agreements are currently allowed for Russians, they are closely monitored by regulatory authorities. Antti Hakkanen stated that he is actively working on finding "legal solutions" for a complete ban on real estate transactions for Russians, as reported by Yle.

According to the Minister of Defence, Finland as a whole plans to strengthen the licensing conditions for real estate transactions for individuals and companies outside the European Union or the European Economic Area. The corresponding decisions are expected in the spring, noted the minister. He emphasized that the restrictions will include enhanced control over property rentals and a thorough analysis of past real estate sales transactions.

Currently, the Finnish government is already taking measures to prevent real estate purchases in the country by Russians. This month, Finnish authorities thwarted the purchase of property by a company associated with Russians. The government blocked the sale of property in Ilomantsi, a city near the Russian border, after evaluating that the use of the property could "interfere with the organization of national defence, surveillance, protection of territorial integrity, and ensuring national security."

Similar decisions were made in October when Finland blocked the sale of three real estate properties to Russian buyers. Finland has increased control over such transactions, giving the government broader powers to halt real estate operations for national security reasons.

In all cases where the government imposed a ban on real estate transactions, attention from relevant authorities was required. Legally prohibiting real estate sales to Russians will enable the country's government to automatically prevent such transactions without spending time and resources of Finnish taxpayers on detailed transaction analysis.

A few days ago, The Gaze reported that the Finnish government has decided to extend the closure of border crossing points with Russia for another month. According to the Minister of Internal Affairs, Mari Rantanen, border restrictions will remain in effect at least until February 11.

The Minister of Internal Affairs emphasized that the current situation adversely affects Russians living in Finland and passport holders of both countries. However, she noted that the threat of hybrid influence from Russia persists, justifying the continuation of this approach.

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