This will directly affect Russian property owners in a neighboring country who cannot pay for communal services
Finland simplifies the procedure for the withdrawal of real estate for debts, and the changes come into force on Monday, July 8. According to Finnish media, hundreds of housing cooperatives in the country have faced financial problems due to the fact that shareholders living in Russia cannot make monthly utility payments. Real estate can be withdrawn from malicious defaulters, which was previously prescribed in the law, however, the procedure in force until recently required mandatory notification to the owner that he would lose his property.
This is a problem with Russian owners of Finnish real estate: mail and courier services do not deliver correspondence from Finland to Russia, and it is also not always possible to send a notification electronically. Therefore, they decided to simplify the procedure: now it is enough to publish the decision on withdrawal in the Official Gazette published by the Government Office.
Russians themselves, who have housing in Finland, may be happy to pay for utilities, but they cannot: payments from Russia do not go to Finland. It will also not work to bring cash in euros: the Russians simply will not be allowed into the country. But even if there was a way to pay for communal services, it is not a fact that the Finns would agree to take money from the Russians. That’s what Victor, a resident of Helsinki, told me.
“There are difficulties here, I have heard many different stories from people who buy real estate, to the point that they transfer money a year in advance, and the management company returns the money to them under the pretext that take the money, we do not accept it from you. Because now, at the government level, it is not very welcome that our citizens, our compatriots, can somehow manage real estate. The Finnish government is trying to squeeze it all out in all sorts of ways, they are looking for legal ways to squeeze real estate, and how can this be done? For not paying utility bills for a while.”
On the other hand, it doesn’t make much sense to pay for something you can’t use either. The entry of Russians to Finland was restricted in the autumn of 2022, now special grounds are needed for this. But in fact, almost all Russians, including the owners of Finnish real estate, have become ineligible. Russians cannot sell their homes in Finland either. So, probably, most of such real estate will be confiscated sooner or later.
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Vladimir Miklashevsky, an economist from Finland, talks about what will happen to such property later:
Vladimir Miklashevsky, an economist from Finland, “If debts are not paid, collectors seize real estate and put it up for auction. Of the amount that was received — again, this may be only a part of the amount owed — then the debt is reimbursed.”
The change in the withdrawal procedure will affect only apartments in apartment buildings. Russians in Eastern Finland used to willingly buy such relatively inexpensive housing, very often for the sake of simplifying entry into a neighboring country. Now they can’t get to Finland at all.
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