Finland restricts foreign ownership of property for national security reasons
(MENAFN) Finland’s defense ministry has recently imposed a ban on six individuals from acquiring property in the country, citing national security concerns. This move is part of a broader strategy by Helsinki to tighten regulations on foreign real estate transactions. According to a statement from the Ministry of Defence, Defence Minister Antti Hakanen has denied applications from individuals from Russia, Ukraine, and Switzerland—countries outside the European Union and European Economic Area—seeking to purchase real estate. The ministry highlighted that such transactions could potentially jeopardize national security, disrupt national defense operations, or impair the monitoring and maintenance of Finland’s territorial integrity, though specific risks were not detailed.
These rejections align with Finland’s plans to introduce stricter laws governing foreign property ownership, particularly targeting Russian citizens. The Ministry of Defence has submitted a report to experts on Monday to draft new legislation that will prevent individuals from countries deemed by the European Union to threaten another state's sovereignty, as well as those who could pose a security risk to Finland, from obtaining real estate permits. This proposed legislation will also extend to organizations based in these countries. Defence Minister Antti Hakanen emphasized the necessity of closing any potential loopholes to protect Finland from hostile actors.
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