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Finland Blocks Real Estate Purchases by Russian and Non-EU Nationals Over Security Risks

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Dariia Mykhailenko
News Writer
Finland Blocks Real Estate Purchases by Russian and Non-EU Nationals Over Security Risks
Flag of Finland seen in the street of Turku. (Source: Getty Images)

Finland’s Ministry of Defense has stopped 11 real estate purchases by citizens from countries outside the European Union, including Russia, citing national security risks, according to Yle on October 27.

The move, confirmed by Defense Minister Antti Häkkänen, involved refusing permits for property acquisitions sought by nationals from Russia, Israel, Kazakhstan, and Kyrgyzstan. The properties ranged from residential and summer houses to commercial and forestry premises in strategically sensitive areas such as Mikkeli, Parainen, and Tornio.

Minister Häkkänen emphasized that these restrictions are a direct response to current security threats.

“Real estate is one of the avenues for hybrid influence. Therefore, we reject property purchase agreements that, in our assessment, may threaten national security and security of supply and potentially complicate the organization of national defense,” he said.

Latvia is taking an even tougher stance, completely banning citizens of Russia and Belarus from acquiring real estate. The Latvian Parliament (Saeima) passed the “Law on Restrictions of Transactions Threatening National Security” in its third reading.

Under the new law, Russian and Belarusian citizens are no longer permitted to buy, inherit, receive as a gift, or exchange real estate in Latvia.

Earlier, it was reported that despite facing sanctions from the European Union, the United States, or Ukraine over Russia’s full-scale invasion, at least seven Russian businessmen and officials managed to obtain Maltese passports through the country's controversial “golden visa” program.

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