Finland Considers Allowing Property Seizures to Boost Security
(Bloomberg) -- Finland is considering whether it can confiscate real estate holdings on the grounds that they may pose a threat to its national security after years of Russians buying assets, including near critical infrastructure.
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In a 12-month project kicked off by the Ministry of Defense, officials will examine amending current legislation on the expropriation of immovable property and special rights, the government said in a statement on Friday.
“It’s important that we have more effective ways to address real estate ownership that poses a potential threat to security, even afterward,” Defense Minister Antti Hakkanen said. “Besides posing a military threat, real estate can be exploited to impact critical infrastructure and vital functions of society.”
National security concerns among Finnish security planners, politicians and the public have intensified over property acquisitions and holdings by people from, or with links to, Russia.
Over the years there have been numerous reports in Finland highlighting suspicious properties, some of which have contained fortifications with helipad fields, loss-making hotels kept afloat with owners linked to Russia as well as purchases in locations near critical infrastructure.
The Nordic member of the North Atlantic Treaty Organization is also working on a full ban of real estate purchases by Russians. A draft law was unveiled in September and may be presented to parliament before year-end.
The government is already able to review transactions by buyers from outside the European Union and European Economic Area, and on Thursday denied permits for two real estate purchases by Russian buyers on national security grounds, the latest in a string of such decisions.
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