Estonian authorities have warned that Russians may lose their real estate in the country. We are talking about those who lost access to it due to sanctions and will go into debt, explained the vice chancellor of the Ministry of Internal Affairs of Estonia, Veiko Kommusaar.
He noted that Russian citizens own 41,351 real estate objects in Estonia. At the same time, almost 4,500 owners do not have a residence permit and need a visa to visit the country, but the authorities stopped issuing it a few weeks ago. As a result, Russians may find themselves in a situation where, due to the visa ban, there will be no one to take care of their real estate.
Kommusaar suggested that such people hire a manager to conduct all financial transactions through third parties. Otherwise, real estate can be confiscated for debts.
‘How to make bank transfers now is a difficult issue. If there is a person or firm willing to keep an eye on this property, I think there is a way to negotiate deferred payments. If a person really finds himself in a situation where he will not be able to manage real estate and a debt is formed, the apartment can be sold to cover the debt,’ – he said.
According to the Vice-Chancellor of the Ministry of Internal Affairs, in this situation it is important to take into account the context of sanctions. ‘The reason for this is the Russian government, which decided to invade Ukraine, and, of course, the people of Russia are suffering because of this. It is in our common interests that the war in Ukraine ends as soon as possible,’ he said.
Kommusaar also added that the Ministry of Internal Affairs is developing a bill on restrictions on real estate ownership for foreigners from countries that are not part of the European Union.
According to him, this is necessary for the purpose of national security.
‘Can citizens of third countries own land and real estate, for example, in the area of critical infrastructure or border areas? This requires additional changes,’ – Kommusaar explained.
As it became known, Estonia will ban the entry of most Russians into the country in the coming weeks.
