According to Finnish Defence Minister Antti Häkkänen (NCP), prospective Russian property buyers will face further restrictions in Finland.
His comments follow a report by Yle's investigative unit MOT, which found thousands of Finnish apartments listed on Russian websites. Buyers from Russia continue to snap up properties, particularly in the Helsinki metropolitan area.
While Finland has barred Russians from buying real estate on national security grounds, that restriction does not cover apartments typically acquired through housing company shares.
"While single apartments do not carry the same security risk as large property portfolios, the matter still warrants scrutiny," Häkkänen said.
Further tightening of the legislation is expected during this parliamentary term, according to the defence minister.
There is no official data about how many apartments in Finland are owned by Russians. Tens of thousands of residents with Russian backgrounds have purchased homes for themselves and their families, with no associated security concerns.
Dual citizens of Finland and Russia remain free to purchase property.
Finnish residence permits for sale
MOT also uncovered that Vipcon, an Imatra-based real estate agency, handles many of the properties marketed to Russian buyers.
A popular Russian website lists Vipcon as the broker for over 1,200 apartments and properties throughout Finland.
MOT followed up on services that Vipcom advertised on its website — helping clients secure Finnish residence permits, including through entrepreneurial channels.
"If clients can finance their own monthly salary, we can offer them employment within our firm," the broker explained to an Yle reporter posing as an interested party.
The "job" would be arranged: a company identified by the agent would advertise the position and notify Finnish employment authorities.
In reality, the recruitment is a sham. The role would go to a pre-selected candidate who had paid for the "job".
After securing the position on paper, Russian applicants could then apply for a residence permit at the Finnish embassy in Moscow.
"So we put their money into the company and pay the salary," the agent explained. "The question is whether you have around 7,000 euros a month for fees and taxes."
The broker noted that securing a permanent residence permit would require committing to pay a "salary" for up to five years.
The Finnish Immigration Service Migri told MOT that it was familiar with this type of scheme.
"While not a new phenomenon, the methods employed can vary," Migri's Johannes Hirvelä told the investigative team in an email.
Finland granted some 3,700 residence permits to Russian citizens in the first half of this year.
