Finland's ministries are exploring whether they can retroactively address property purchases made by citizens from outside the EU and EEA, particularly those from Russia, in response to national security concerns.
The Finnish government is currently examining the potential for retrospective intervention in real estate transactions conducted by foreign nationals, specifically targeting Russian citizens. This initiative, as explained by Defense Minister Antti Häkkänen, seeks to assess the feasibility of taking action against property acquisitions that may have occurred over the last two decades. The motivation behind this scrutiny arises from heightened national security considerations following the recent geopolitical tensions between Finland and Russia.
The proposed investigation is part of a broader reform of corporate acquisition legislation in Finland, which aims to enhance control over the sale of properties that are associated with business acquisitions. Häkkänen indicates that the goal is to integrate national security concerns more deeply into the legislative framework, enabling more effective oversight of properties that might pose security risks. This reflects a shift towards a more cautious approach in property control, highlighting Finland's response to the evolving security landscape in the region.
Häkkänen criticized the previous, overly naive philosophy regarding real estate control in Finland over the past two decades. The move towards more stringent regulatory measures underscores a growing recognition of the significance of property ownership and its impact on national security, signaling a significant policy shift in how Finland approaches foreign ownership of real estate.
