2022
Project set up by Ministry of Defence to examine additional restrictions on foreign real estate ownership
On 4 November 2022, the Ministry of Defence set up a
project to examine needs to further restrict real estate transactions by
Russians. The project group will examine the possibility of a total ban and
other restrictive measures as well as their consequences. In addition, the
project group will explore other possible alternatives to develop the supervision
of buyers outside the EU and EEA who wish to buy real estate in Finland.
“If the security situation in Europe continues to be tense, we will need a more accurate assessment of non-EU/EEA real estate ownership and its restrictions in Finland,” says Minister of Defence Antti Kaikkonen.
The term of the project group is from 7 November 2022 to 28 February 2023 and its work will be implemented in two parts. The report on restricting real estate transactions by Russians, such as a total ban, will be submitted by Monday 19 December 2022 at the latest. The second report on other possible areas to further develop the supervision of real estate transactions will be submitted by Tuesday 28 February 2023 at the latest. If the preparation of government proposals is considered necessary, separate legislative projects will be launched after the reports have been completed.
The Ministry of Defence continues to develop the supervision of foreign real estate ownership through legislation and project work. The previous government proposal on tightening the legislation on supervision (HE 222/2022 vp) was submitted to Parliament on 20 October 2022.
Inquiries: Jenni Herrala, Senior Ministerial Adviser, chair of the project group, Ministry of Defence, tel. +358 295 140 601, and Sara Kajander, Head of Unit, vice chair of the project group, tel. +358 295 140 080.