HELSINKI: Finland‘s government on Thursday proposed a ban on property purchases by nationals from countries that initiate wars, meaning in practice that real estate transactions by Russian citizens will be restricted.
It recommended that “persons whose country of nationality is waging a war of aggression and may pose a threat to Finland’s national security” would not be permitted to buy real estate there.
“The government has just decided to submit a proposal to parliament to ban real estate transactions by Russians in Finland,” Finnish defence minister Antti Hakkanen told a press conference.
“Our aim is to strengthen the security of Finland and the Finnish people,” he added.
While the bill did not mention Russia explicitly, Hakkanen said the current security environment meant “Russia and Russian nationals and companies are the ones concerned”.
Finland, which shares a 1,340-kilometre (830-mile) eastern border with Russia last year blocked several real estate acquisitions by private individuals and companies linked to Russia, citing threats to national security.
According to Hakkanen, the bill aims to prevent property being used for “large-scale hostile influence”, such as enabling intelligence activities and various forms of sabotage against Finland.
Persons holding a permanent residence permit in Finland or a long-term European Union residence permit granted by Finland would not be affected by the ban.
To reduce the risk that the ban will be circumnavigated by so-called dummy purchasers someone who buys property on behalf of another to conceal the aim of a purchase the ministry said it “could impose an obligation to apply for a permit”.
Parliament is set to vote on the bill later this spring, according to Hakkanen.
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About The Author
I’m JP, a 26-year-old from Odisha, India 🇮🇳 and the founder of newsxbyte.com 📰. I write articles and news on a variety of topics, including business, finance 💼, and exam updates 📚. With a passion for journalism and digital content, I strive to keep my readers informed and engaged with the latest updates and insights.
