HELSINKI (UrduPoint News / Sputnik – October 20, 2022) The Finnish government has drawn up a bill that reduces the possibility of foreigners acquiring real estate, the government’s press service announced on Wednesday.
According to the list of subjects to be discussed in the Council of Ministers on Thursday, the real estate bill was drawn up earlier than expected. Following the Cabinet’s decision, the Bill will be immediately submitted to Parliament for consideration.
The bill concerns real estate acquisitions that may threaten national security, for example, with real estate located near important military infrastructure. These rules will apply to persons or entities outside the European Union or the European Economic Area who will require additional national security review.
Under the new legislation, the Finnish Ministry of Defense will receive broader powers to investigate the origin of money and the financing of real estate transactions, and will also allow the government to have a preferential right to purchase real estate located less than one kilometer (0.
6 miles) or less from the premises of the armed forces or the border service.
The bill is expected to enter into force in early 2023, while under current Finnish law real estate transactions cannot be directly blocked for national security reasons.
According to official information from Finnish agencies, Russians are the largest group of foreign buyers in the Finnish real estate market, having concluded almost 3,000 transactions in 2020-2022, followed by Estonians 2,500, Chinese 1,200, Indians , Swedes, Germans less than 1,000.