The recent news about Finnish authorities vetoing the real estate purchases of three Russians has sparked panic among European buyers. However, there's no need to panic just yet.
The Legal Context
The ban is grounded in a law that applies to all foreigners who didn't accept the EU decision regarding the right to purchase a private house from the Ministry of Justice (apartments are exempt from this). This law has been in effect since 2020, and it stipulates that the property must be at least 1000 meters away from Defense Force or Border Guard facilities.
It's worth noting that this is the first significant case of the law's application. Statistically, the vast majority of transactions proceed without any issues. In 2020, only a few individuals were denied, and most financial transactions were successfully completed.
While the situation may have caused concern, it's essential to remember that this is an isolated incident. Most property transactions in Finland continue to proceed smoothly. It's always wise to stay informed about the relevant laws and regulations when considering real estate investments in any country.