Outsiders of EU, EEA need permission to buy real estate

A comprehensive package of legislation will enter into force at the beginning of 2020, the key element of which is that buyers from outside the EU and EEA need a permission to buy real estate in Finland.

While the aim of the permission process is not to slow down or hinder foreign real estate transactions in Finland, it allows the state to intervene, if necessary, in the procurement of real estate when this is considered to be a threat to national security, said a press release issued by the Ministry of Defence.

With the new legislation, the Ministry of Defence will become the permitting authority; it will process permission applications and make decisions on permissions in entire Finland, with the exception of the Åland Islands.

Buyers from outside the EU and EEA must apply for permission either before a real estate transaction or within two months after it. In the initial phase, permission is applied for by using a form and later in an electronic service system.