At the beginning of 2023, the Finnish Parliament approved the capital gain taxation derived from the disposal of shares in non resident holding entities owning real estate properties indirectly or directly in Finland, with effects March 1, 2023.
Until the law came into force, these types of transactions were not taxed in Finland. By passing the law through the Finnish Parliament, the potential benefit derived from the disposal of shares of non-resident companies is subject to taxation if, at any time during the 365 days prior to the sale, 50% of the assets held directly or indirectly by the company relate to real estate located in Finland.
All of this is regardless of what is regulated in Double Taxation Agreements, which obviously take precedence over local regulations.
For the purposes of this reform, real estate covers transferable land lease agreements, buildings, and possession rights.