Last year, Finland enacted a law that restricts real estate purchases by Russian nationals, permitting transactions only for those who hold dual citizenship or a permanent residence permit.
Recently, the Ministry of Defense intervened to halt four attempted property acquisitions by a 41-year-old Russian man in Sipoo, just east of Helsinki. Although the ministry reached its decision on January 13, the news was only made public this week, drawing attention to the ongoing enforcement of these regulations.
The man had set his sights on three residential properties in Sipoo, along with a fourth through a company he registered in Vantaa, all transactions involving the same seller. Notably, he lacked the requisite permanent residence permit in Finland.
The prohibition against real estate transactions for Russians and Belarusians took effect in July. However, Yle reported earlier this January that the legislative changes had only marginally reduced the volume of property purchases by Russians in Finland.
It’s important to note that this law does not extend to individuals who hold dual citizenship with an EU or EEA country or those granted permanent residence permits in Finland.
As per data from the National Land Survey of Finland, by the end of November, Russians had acquired 55 properties in Finland—35 of these purchases occurred before the new law came into effect, while 20 took place afterward.
### Noteworthy Cases in Kouvola and Sastamala
In addition to the recent Sipoo incidents, the Ministry of Defense also blocked real estate transactions in Sastamala, located in Pirkanmaa, and in Myllykoski, part of Kouvola.
The Myllykoski situation involved a forest management company owned by a Russian entity and registered in Suonenjoki in the North Savo region. Reports from Iltalehti reveal that while the company intended to purchase a building in Myllykoski in May, it failed to seek the necessary permissions until October, by which time the new restrictions were firmly in place.