2014 Investment Climate Statement - Finland

2014 Investment Climate Statement
Bureau of Economic and Business Affairs
June 2014

Executive Summary

Given its geographic location and history, Finland offers a prime location and strong opportunity for American businesses to tap into the entire region’s economic growth. The U.S. Embassy in Helsinki, through the Foreign Commercial Services and Political/Economic Sections, is a strong partner with U.S. businesses that wish to connect to this market and seize these opportunities. There are opportunities in Finland for U.S. businesses and investors to enter Arctic, Russian, Nordic, and Baltic Sea markets, places where U.S. growth prospects are great.

The Finnish government takes increased investment seriously, and has recently created “Team Finland” to pull together all the trade and investment promotion agencies in Finland under one umbrella. While this “one-stop shop” is not fully functional yet, it will assist U.S. companies in answering their questions about Finland’s markets in one place.

Businesses know that location can be critical and Finland can provide the right location and connections for U.S. businesses to be successful in Finland and beyond. The Embassy has worked to create an affirmative and robust trade and investment agenda that works to attract investment in America and creates new markets for U.S. products and services in Finland and the broader region. Finnish counterparts are very active in the fields of information technology, energy, biotech, clean water, and other topics. With St. Petersburg only three hours by train, Tallinn two hours by ferry, and Stockholm and the Arctic Circle only one hour by flight, Finland can be a good base camp for consolidating regional operations.

1. Openness to, and Restrictions Upon, Foreign Investment

The Finnish government is open to direct foreign investment. There are no general regulatory limitations relating to acquisitions. Legislative control of mergers and acquisitions is mainly governed by domestic and EU competition rules. Certain acquisitions of large Finnish companies may require follow-up clearance from the Ministry of Employment and the Economy in accordance with the Act on the Control of Foreign Acquisitions of Finnish Companies. The stated purpose of the clearance is to protect “essential national interests.”

The Act on the Monitoring of Foreign Corporate Acquisitions in Finland entered into force in June 2012. The Act calls for the Ministry of Employment and the Economy to monitor and confirm foreign corporate acquisitions. A “corporate acquisition” is defined as a transaction in which a foreign owner gains control of at least ten percent of the total number of votes accompanying shares in a limited liability company, or, in the case of another type of corporation or business undertaking, gains corresponding, dominant control over the acquired enterprise. The Ministry decides whether an acquisition conflicts with vital national interests. Only corporate acquisitions in the defense and dual-use goods sector are subject, without exception, to advance confirmation by the Ministry. In defense matters, monitoring covers all foreign owners. In the civilian sector, monitoring is targeted at Finnish enterprises considered critical in terms of vital infrastructures necessary for maintaining functions fundamental to society (according to the Security Strategy for Society, Government resolution of 16.12.2010), such as Energy, Communications, or Food supply. In civilian cases, monitoring only applies to foreign owners domiciled outside the EU and European Free Trade Association (EFTA) states. For more information see: http://www.tem.fi/files/33479/Monitoring_of_foreign_corporate_acquisitions_by_the_Ministry_of_Employment_and_the_Economy_041012.pdf

Finland does not preclude foreign investment, but some tax policies may make it unattractive to investors. Finnish tax authorities treat the movement of ownership of shares in a Finnish company into a foreign company as a taxable event. Finland complies with EU directives that require it to allow such transactions based in other EU member states without taxing them.

The Finnish government has recently made significant cuts to the corporate tax rate from 24.5 percent to 20 percent, compared to the EU average of 22.4 percent.

The World Bank’s 2014 Doing Business Report, which ranked Finland number 12 in “Ease of Doing Business”:

http://www.doingbusiness.org/data/exploreeconomies/~/media/giawb/doing%20business/documents/profiles/country/FIN.pdf?ver=2 . The Research Institute of the Finnish Economy (ETLA), regularly publishes reports that review different sectors in the Finnish economy and factors that may impact investment: http://www.etla.fi/en/?s=finland&cat=11&searchsubmit=Search&orderby=post_date&order=DESC. Finland has not undergone any recent investment policy reviews from the UN Conference on Trade and Development (UNCTAD), the World Trade Organization (WTO), or the Organization for Economic Cooperation and Development (OECD).

Finland does not “positively” discriminate in favor of foreign-owned firms by giving them tax holidays or other subsidies not available to other firms. Instead, Finland relies on “condition-providing policies” that offer all firms, “appropriate conditions and sufficient pools of advanced factors of production, including an educated labor force and well-functioning infrastructure.”

Laws/Regulations of FDI

There are some legal requirements for non-European Economic Area (EEA) residents (persons or companies) to conduct business in Finland. A non-EEA resident operating in Finland must obtain a license or a notification when starting a business in “regulated” forms of trade. These trades include:

  • Vehicles, transport and traffic
  • Alcohol and tobacco
  • Food
  • Animals
  • Beauty and hair care field
  • Plants, fertilizers and feeds
  • Chemicals
  • Real estate, construction and contracting
  • Extractable soil resources and soil
  • Tourism, restaurants and leisure time
  • Money and assets
  • Social welfare and health services
  • Security
  • Communications
  • Other lines of business
  • Temporary provision of services
  • Businesses not requiring a license

A comprehensive list of regulated trades can be found at Enterprise Finland: http://www.yrityssuomi.fi/luvat

The autonomously-governed Aland Islands are an exception to common Finnish practice. Based on international agreements dating from 1921, property ownership and the right to conduct business are limited to individuals with the right of domicile in the Aland Islands. It does not prevent people from settling in or trading with the Aland Islands. Immigrants who have lived in Aland for five years and have an adequate knowledge of Swedish may apply for domicile status. The Aland Government can grant exemptions from the requirement of right of domicile for those wishing to acquire real property or conduct a business there.

In February 2014, 90 members of the 200-member Finnish Parliament signed an initiative that would require non-EEA citizens and organizations to meet certain requirements, such as residing in Finland for a set amount of time, before being able to purchase or rent property. The initiative remains in the Parliament’s Legal Affairs Committee for debate.

In 2006, the United States and Finland signed a protocol amending the 1990 Double Taxation Treaty, which significantly reduced tax-related barriers to trade and investment flows between the countries.

On March 5, 2014, Finland signed a Foreign Account Tax Compliance Act (FATCA). Financial institutions will begin the collection of FATCA information during 2014 and the first reports will be made in 2015. The obligations brought by the FATCA will be entered in Finnish legislation, and the tax administration is preparing detailed guidelines on how the agreement will be applied in Finland. For full text of the agreement, see: http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/FATCA-Agreement-Finland-3-5-2014.pdf

The salary and fringe benefits paid to qualifying foreign key employees, such as employees with special knowledge or competence, are taxed at a flat rate of 35 percent during a maximum of 48 months of assignment in Finland provided that the employee has a special tax card (which must be applied for separately). For detailed tax guidance see the Finnish Tax Administration’s website: http://www.vero.fi/en-US/Companies_and_organisations and the Finnish Foundation for Share Promotion’s Tax Guide for Investors: http://www.porssisaatio.fi/en/files/2013/09/vero_opas_2013_eng_final.pdf

Industrial Strategy & Privatization Program

In 2013, the Ministry published the “Industrial Competitiveness Approach: Means to Guarantee Economic Growth in Finland in the 2010s” which highlights the need for increased foreign investment. The report can be found at: https://www.tem.fi/files/37744/TEMjul_9_2013_web_17102013.pdf

Invest in Finland is a government agency that promotes foreign direct investment (FDI) in Finland. They provide information and consulting services focused on services and promoting research, development, and innovation (R&D&I) in Environmental Technologies, Energy & Mining, Health Technologies, and Information & Communication. Invest in Finland’s website can be found at: http://www.investinfinland.fi/about-us/6

In March 2014, members of the government and the opposition agreed to sell EUR 1.9 billion worth of government-owned assets. In May 2014, the government of Finland announced that it will sell its infrastructure and construction firm charged with planning and constructing traffic routes and industrial environments Destia Ltd (formerly the Finnish Road Administration).

Competition Law

Finland’s Competition Act entered into force in November 2011, bringing Finland’s competition regime closer to that of the EU. The most important changes relate to merger control, procedural rules, leniency, and damages. The full act can be found at: https://www.kilpailuvirasto.fi/cgi-bin/english.cgi?luku=legislation&sivu=competition-act

The Finnish Competition Authority merged with the Consumer Agency to form the Finnish Competition and Consumer Authority (FCCA) in January 2013. The purpose of the agency is, “to ensure a healthy and functioning market where enterprises and other players act responsibly and in the interest of consumers.”



Rank or value

Website Address

TI Corruption Perceptions index


(3 of 177)


Heritage Foundation’s Economic Freedom index


(19 of 178)


World Bank’s Doing Business Report “Ease of Doing Business”


(12 of 189)


Global Innovation Index


(6 of 142)


World Bank GNI per capita


USD 46,490


2. Conversion and Transfer Policies

Except for those relating to money laundering, there are neither legal obstacles to direct foreign investment in Finnish securities nor exchange controls regarding payments into and out of Finland. Funds from Finland or to Finland are freely transferable. Legal provisions prevent money laundering and the financing of terrorism and banks must identify their customers and report suspected cases of money laundering. Banks and credit institutions must also report single payments or transfers of EUR 15,000 or more. If banks have reason to suspect the origin of the funds, they are required to immediately inform the National Bureau of Investigation.

There are no restrictions on current transfers or repatriation of profits. Residents and non-residents may hold foreign exchange accounts. There is no limit on dividend distributions, as long as they correspond to a company’s official earnings records.

In June 2007, Finland implemented an EU regulation on the transport of currency over EU borders. The regulation requires persons carrying more than EUR 10,000 to declare cash upon entering or leaving EU territory, but does not restrict or prohibit the import or export of the currency.

Finland adopted the Euro in January 1999. The Euro replaced the Finnish Markka at the end of a three-year transition period in January 2002.

A Financial Action Task Force (FATF) member, Finland observes most of FATF’s 49 standards. According to the FATF’s 9th follow-up report in 2013, Finland has made significant progress in addressing the deficiencies identified in the 2007 mutual evaluation report and will be removed from the follow-up process. FATF praised Finland for improvements in its anti-money laundering legal frameworks. See the FATF report at: http://www.fatf-gafi.org/media/fatf/documents/reports/mer/Finland_FUR_2013.pdf

The Bureau of International Narcotics and Law Enforcement’s 2013 International Narcotics Control Strategy Report (INCSR) categorizes Finland as “monitored” - //2009-2017.state.gov/j/inl/rls/nrcrpt/2013/database/211176.htm

3. Expropriation and Compensation

Private property rights are protected in Finland. Private property is only expropriated for public purposes (eminent domain) in a non-discriminatory manner with reasonable compensation and in accordance with established principles of international law.

4. Dispute Settlement

There is no reported significant investment dispute in Finland in recent years. Finland has a civil law system. European Community (EC) law is directly applicable in Finland and takes precedence over national legislation. Finland has consistently applied its commercial and bankruptcy laws. Secured interests in property are recognized and enforced. The Bankruptcy Act can be found at: http://www.finlex.fi/en/laki/kaannokset/2004/en20040120.pdf

The Market Court was established in 2002 as a special court for rulings in market law, competition, and public procurement cases, and may issue injunctions and penalties against the illegal restriction of competition. It also supervises mergers and acquisitions and may overturn public procurement decisions, adjust the procurement process, and order compensatory payments. The Market Court has jurisdiction in disputes between the Consumer Ombudsman and businesses as to whether goods or services have been marketed in an unfair manner. Since 2013 the Market Court also hears industrial and civil IPR cases.

According to the World Bank’s 2014 Doing Business Report, Finland ranks 3rd for ease of “resolving insolvency.” The report can be found at: http://www.doingbusiness.org/data/exploreeconomies/finland#resolving-insolvency

Finland ratified the Convention on the Settlement of Investment Disputes between States and Nationals of other States (also known as the ICSID Convention or the Washington Convention) and became a Contracting States to the ICSID Convention in 1969. Finland ratified the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards in 1962.The impartial Arbitration Institute of the Finland Chamber of Commerce, established in 1911, promotes the settlement of business disputes through arbitration. The Institute appoints arbitrators both to domestic and international arbitration proceedings. For more information see: http://arbitration.fi/en/. Arbitration statistics can be found at: http://arbitration.fi/en/statistics/.

Major revisions to Finnish competition legislation took effect in May 2004. The Act on Competition Restrictions was harmonized with EU competition rules. A new Competition Act entered into force in Finland on November 1, 2011. It brought Finland’s competition regime closer to that of the EU’s. The most important changes relate to merger control, certain procedural rules, leniency, and damages. For more information see the Competition Act (No 948/2011) : http://www.kilpailuvirasto.fi/cgi-in/english.cgi?luku=legislation&sivu=competition-act

The Finnish Competition Authority merged with the Consumer Agency to form the Finnish Competition and Consumer Authority (FCCA) on January 1, 2013. The purpose of the new agency is to ensure a healthy and functioning market where enterprises and other players act responsibly and in the interest of consumers.

Finland brought the EU Mediation Directive (2008/52/EC) into force by implementing the Act on Mediation in Civil Disputes and Certification of Settlements by Courts (394/2011) in May 2011. Both the directive and the new act aim to facilitate access to alternative dispute resolution, and promote the amicable settlement of disputes by encouraging the use of mediation and by ensuring a balanced relationship between mediation and judicial proceedings. The new act also applies to settlements concluded in other EU member states.

Duration of Dispute Settlement

Arbitration is frequently used to settle business disputes in Finland, which is usually faster than court proceedings. An arbitral award is generally final and non-appealable. The Arbitration Institute’s rules (the “FCC Rules”) are the rules that are most commonly used. The FCC Rules can be found in English at www.arbitration.fi/en/indextemp.html. If arbitration is conducted according to FCC Rules, the time limit for rendering the arbitral award is one year after the Arbitration Institute has sent the case file to the arbitral tribunal. By request of the arbitral tribunal or the Chairman of the arbitral tribunal, the time limit may be extended by the Arbitration Institute. The median duration of arbitration under the FCC Rules is about nine months.

In 2004 the Arbitration Institute introduced fast track rules. According to the Arbitration Institute’s Rules for Expedited Arbitration, the arbitral award shall be rendered within three months after the Institute has sent the file in the case to the arbitrator. This time limit may be extended by the Arbitration Institute by at most three months. The Finnish Arbitration Act (967/1992) explicitly states that foreign nationals can act as arbitrators in Finland.

5. Performance Requirements and Investment Incentives

Notification submitted to the WTO by the EU and WTO disputes involving the EU are valid for and include Finland. However, Finland as an individual country has not notified the WTO of any measures that are inconsistent with Trade Related Investment Measures (TRIM) requirements, nor does Finland maintain any measures that are alleged to violate the WTO’s TRIM obligations.

There are no performance requirements or commitments imposed on foreign investment in Finland. However, to conduct business in Finland, some residency requirements must be met in order to ensure that persons liable for the company’s acts can be brought to court if necessary.

Amendments to the Finnish Limited Liability Companies Act entered into force in August 2009 to allow the participation of shareholders in the general meetings of listed companies.

The Limited Liability Companies Act of Finland can be found at: http://www.finlex.fi/fi/laki/kaannokset/2006/en20060624.pdf

Foreign-owned companies are eligible for government incentives on an equal footing with Finnish-owned companies. Support is given in the form of grants, loans, tax benefits, equity participation, guarantees, and employee training.

Business aid to companies is coordinated by 15 Centers for Economic Development, Transport, and the Environment (ELY), which provide advisory, financing, and development services for enterprises; employment-based aid and labor market training; and advice on immigration matters and EU structural projects. For more information see: http://www.ely-keskus.fi/en/web/ely-en/business-and-industry

The state-owned financing company Finnvera offers services to businesses of all sizes and in all sectors, except building developers, forestry, field cultivation, and animal husbandry. Finnvera serves its clients through 15 regional offices Finnvera is also Finland’s official Export Credit Agency (ECA). For more information see: http://www.finnvera.fi/eng.

The Finnish Funding Agency for Technology and Innovation (Tekes) provides low-interest loans and grants to innovative projects. Foreign-owned companies with R&D activities in Finland are eligible for funding, although the financed project must contribute to the Finnish economy. For more information see: http://www.tekes.fi/en/programmes-and-services/international-companies/. Support for innovative business ventures can also be obtained from the Foundation for Finnish Inventions. For more information see: www.keksintosaatio.fi

Invest in Finland, a government agency promoting FDI into Finland, assists international companies to find business opportunities in Finland. Finpro is a Finnish trade, internationalization and investment development organization established by Finnish companies in 1919. The operations of Invest in Finland were merged with Finpro and its international network in June 2012. For more information see: http://www.investinfinland.fi/main.php/ and http://www.finpro.fi/web/english-pages/frontpage

There is no “forced localization” policy on foreign investments in Finland, either in terms of forcing investors to use domestic content in goods and technology or local employment. However, the Finnish language often acts as a barrier to employing non-Finnish persons.

In cloud computing services, stored material is located on servers owned by the service provider. In most cases, these servers are located outside Finland and are typically accessed through a browser over an internet connection. Personal data may be transferred across international borders to server locations supporting the service, but the company must fulfill the requirements of the Finnish Personal Data Act (PDA). According to section 22 of the PDA, personal data may be transferred to outside the European Union or the European Economic Area only if the country in question guarantees an adequate level of data protection.

6. Right to Private Ownership and Establishment

Private ownership is normal in Finland. In most fields of business activity, participation by foreign companies or individuals is unrestricted. When the government privatizes state-owned companies, both private and foreign participation is allowed except in enterprises operating in sectors related to national security.

7. Protection of Property Rights

Secured interest in property, both movable and real, is recognized and enforced. The Finnish legal system protects property rights.

The concept of mortgage exists in Finland, and can be applied to both owned and rented real estate. The significance of mortgage banks has remained minor as deposit banks have traditionally handled housing loans in Finland.

The National Land Survey of Finland provides a reliable system for recording secured interests registers all land in Finland. In Finland real property formation, mutation, land consolidation, cadastral mapping, registration of real properties, ownership and legal rights, real property valuation, and taxation are all combined within one basic cadastral system (real estate register). The register is owned and maintained by the National Land Survey. For more information see: http://www.maanmittauslaitos.fi/en/aineistot-ja-palvelut

Finland is ranked 26th according to ease of Registering Property according to the World Bank’s 2014 Doing Business Report.

The government of Finland issued a resolution on a program to step up its activities to tackle non-observed economic activity and economic crime in 2012. Implemented in 2012–2015, the program comprises 22 projects steered by a number of ministries and authorities. Finland’s grey economy is estimated at 13.0% of GDP (2013), down from 17.6% in 2003.

Intellectual Property

The Finnish legal system protects intellectual property rights, and Finland adheres to numerous international agreements concerning intellectual property rights (IPR). However, Finland is also identified as a potential host of the major BitTorrent aggregator internet site “Torrentz.eu”. The USTR 2013 Out-of-Cycle Review on Notorious Markets, released in February 2014, ties both Finland and Canada to the site.

Finland is a member of World International Property Organization (WIPO). In March 2009, the government of Finland published a national IPR strategy, found at: http://www.tem.fi/files/26944/TEM_27_2010_netti.pdf

Finland has been a member of the Paris Convention for the Protection of Industrial Property since 1921; the Berne Convention for the Protection of Literary and Artistic works since 1928; the Rome International Convention for the Protection of Performers, Producers of Phonograms, and Broadcasting Organizations since 1983; and the Hague Agreement Concerning the International Deposit of Industrial Designs (Geneva Act 1999) since May 2011.


Patent rights are consistent with international standards, and a granted patent applies for 20 years. The period of validity of patents concerning medicinal products and plant protection products can under certain conditions be prolonged by a maximum of five years through a Supplementary Protection Certificate. In 1996, Finland joined the European Patent Convention (EPC) and the European Patent Organization (EPO). Finland Joined WIPO’s Patent Law Treaty (PLT) in March 2006.

Given concerns over pharmaceutical patent protections, Finland was placed on the 2009 Watch List in the Office of the U.S. Trade Representative’s Special 301 report, and has been included every year since. The Special 301 report can be found at: http://www.ustr.gov/sites/default/files/05012013%202013%20Special%20301%20Report.pdf


The Finnish Copyright Act, which also grants protection to authors, performing artists, record producers, broadcasting organizations and catalog producers, sets the period of copyright protection at 70 years from the death of the author. Databases, including catalogues, are protected for 15 years. The Finnish Copyright Act provides for sanctions ranging from fines to imprisonment for up to two years. Search and seizure is authorized in the case of criminal piracy, as is the forfeiture of financial gains. The Copyright Act has covered computer software since 1991. The WIPO Copyright Treaty (WCT) and the WIPO Performances and Phonograms Treaty (WPPT) entered into force in Finland in March 2010.Finland acceded to the Agreement on Trade-Related Aspects of Intellectual Property Rights in 1995.

Finnish copyright legislation was amended in 2005 to meet the demands of the digital environment and the internet. The amendments to the Copyright Act and the amended section 49 of the Criminal Code came into force from the beginning of 2006. This reform implemented the Copyright Directive adopted by the EU in 2001. The amendments also addressed a number of national issues, such as the prohibition of the importation of pirated recordings for personal use.

The Copyright Act was further amended in September 2013.

Information on copyright infringement is provided by the following copyright holder interest organizations: Copyright Society of Performing Artists and Phonogram Producers in Finland (Gramex), Finnish Composers’ Copyright Society (Teosto), Copyright Organization for Authors and Publishers (Kopiosto), The Visual Artists Copyright Society (Kuvasto), Finnish Audiovisual Producers’ Copyright Society (Tuotos), Finnish Copyright Society Managing the Rights of Literary Copyright Holders (Sanasto), the Copyright Information and Anti-Piracy Center (CIAPC), The Finnish Copyright Society, The Finnish Copyright Institute, the Copyright Information Centre, and the IPR University Centre. The Business Software Alliance (BSA), a worldwide software anti-piracy organization, began operations in Finland in January 1994.


Amendments to the Trademarks Act which entered into force on January 2011 require that a trademark applicant or proprietor not domiciled in Finland have a representative resident in the European Economic Area. Finland signed the Singapore Treaty on the Law of Trademarks in October 2006.

Trade Secrets

In the Finnish legal system, the protection of trade secrets forms part of the general concept of protection against unfair competition. In 1979, Finland implemented the Unfair Business Practices Act which prohibits competitors from, “unjustifiably obtaining or seeking to obtain information regarding a business secret or using or revealing information obtained in such a manner.” An English version of the Act is available at: http://www.finlex.fi/fi/laki/kaannokset/1978/en19781061.pdf

The Penal Code (39/1889) contains provisions regarding industrial espionage (chapter 30, section 4), violation of business secrets (chapter 30, section 5) and misuse of business secrets (chapter 30, section 6). Trade secret protection is also regulated by the Employment Contracts Act (55/2001), according to which the employee may neither utilize nor divulge to third parties the employer’s trade or business secrets during the term of employment.

According to the 2010 International Association for the Protection of Intellectual Property group report, Finnish legal protection of trade secrets is fundamentally sound, although the introduction of common and consistent terminology for relevant legislation would be desirable. The report can be found at: https://www.aippi.org/download/commitees/215/GR215finland.pdf

Semiconductor Chip Layout Design

In 1991, Finland adopted the Act on the Exclusive Right in the Layout-Design (Topography) of an Integrated Circuit. The Act gives exclusive rights in a layout-design to the creator (or to anyone to whom the right of the creator has been transferred) who is a Finnish citizen, a person with a permanent residence in Finland, or place of business in Finland. In cases of industrial infringement of IPR the integrated circuit used by the defendant may be confiscated.

An English translation of the Act, is available at: http://www.finlex.fi/fi/laki/kaannokset/1991/en19910032.pdf. In general, the exclusive rights come to an end 10 years from the end of the calendar year in which the topography was first commercially exploited.

For additional information about treaty obligations and points of contact at local IP offices, please see WIPO’s country profiles at http://www.wipo.int/directory/en/

Resources for Rights Holders

Contact at Mission: IP issues are handled by the Political/Economic Section in Helsinki.

  • Rodney Hunter
  • Political/Economic Section Chief
  • +358-9-6162-5478
  • HunterRM@state.gov

The American Chamber of Commerce in Finland’s (AmCham) legal committee offers free legal advice to all AmCham member companies: http://www.amcham.fi/legal-committee/. The AmCham’s legal guide can be found at: http://www.amcham.fi/wp-content/uploads/2012/04/Legal_Guide_2011.pdf

8. Transparency of the Regulatory System

The Securities Market Act (SMA) contains regulations on corporate disclosure procedures and requirements, responsibility for flagging share ownership, insider regulations and offenses, the issuing and marketing of securities, and trading. The law defines and takes into account new instruments, which have become common in financial markets, such as repurchase agreements. Regulations concerning the clearing of securities trades have been incorporated into the law since 1998. Clearing has become subject to licensing, and is supervised by the Financial Supervision Authority, which oversees the financial markets.

A New Securities Market Act took effect in January 2013. The new Act broke the former Securities Market Act into the Securities Market Act, the Act on Trading in Financial Instruments, the Act on the Book-Entry System and Clearing Operations, and the Investment Services Act. These acts constitute the new securities market framework with the already separate existing acts on Book-Entry Accounts and on the Financial Supervisory Authority. The new Securities Market Act’s general principles are (i) prohibition of actions against good conduct on the securities markets and of improper business practices, (ii) prohibition to give false or misleading information on the securities market, and (iii) the duty to provide investors with equal access to sufficient information on matters that may have a material effect on the value of the relevant security. For more information see the Financial Supervisory Authority’s overview of regulations for listed companies at: http://www.fin-fsa.fi/en/Listed_companies/Regulation/Pages/Default.aspx

In Finland, the Act on the Openness of Public Documents of 1951 established the openness of all records and documents in the possession of officials of the state, municipalities, and registered religious communities. Exceptions to the basic principle could only be made by law, or by an executive order for specific enumerated reasons such as national security. A 1999 revision of the law, the Act on the Openness of Government Activities, extended the principle of openness to corporations that perform legally mandated public duties, such as pension funds and public utilities, and to computer documents. For more information see the Ministry of Justice’s page on Openness of Government Activities at: http://oikeusministerio.fi/en/index/basicprovisions/legislation/actontheopennessofgovernmentactivities.html

The Finnish state administration discussion forum at http://www.otakantaa.fi/fi-FI provides an opportunity for all citizens to comment on planned or on-going projects, legislative reforms, or other current issues being drafted within the public administration.

A new law on Citizens’ Initiatives entered into force in March 2012 mandating that any citizen initiative that gets 50,000 signatures be taken up for discussion in Parliament. The organizer of an initiative has six months to collect the necessary statements of support. The law has proven popular, and four initiatives have been presented to Parliament for consideration since the Act’s implementation. The most popular initiative, with over 166,000 votes, calls for legalizing same-sex marriage. As of May 2014, no Citizens’ Initiatives have yet become law.

9. Efficient Capital Markets and Portfolio Investment

Finland is open to foreign portfolio investment, and there is an effective regulatory system established. According to the IMF, in February 2014 Finland had USD 1.1 billion worth of official reserve assets, mainly in foreign currency reserves and securities.

Credit is allocated on market terms and is made available to foreign investors in a non-discriminatory manner. The private sector has access to a variety of credit instruments. Legal, regulatory, and accounting systems are transparent and consistent with international norms.

The Helsinki Stock Exchange is part of OMX, referred to as NASDAQ OMX Helsinki (OMXH). NASDAQ OMX Helsinki is part of the NASDAQ OMX Nordic division, together with the stock exchanges in Stockholm, Copenhagen, Iceland, Tallinn, Riga, and Vilnius.

Banking is open to foreign competition. Compared to the international average, the number of banks in Finland is high. The reason for this is the high number of banks in the OP-Pohjola Group, a cooperative of independent, local deposit banks that are engaged in retail banking. In April 2014 there were 187 OP-Pohjola Group banks, 8 commercial banks, 34 local cooperative banks, 29 savings banks, and 15 branches of foreign deposit taking banks. The total assets of the domestic banking groups and branches of foreign banks operating in Finland amounted to EUR 468 billion in 2013. For more info see the Federation of Finnish Financial Services report (in Finnish) at: http://www.fkl.fi/materiaalipankki/julkaisut/Julkaisut/Pankit_Suomessa_2013.pdf

All authorized deposit-taking banks are members of the Deposit Guarantee Fund. If an individual bank becomes insolvent, the Fund will compensate its customers’ deposits to a maximum of EUR 100,000 per depositor.

Finland’s banking system was the strongest in the EU in terms of its financial position, according to credit rating company Moody’s “Banking System Outlook: Baltics” report released in November 2012. Finland’s banking system is also ranked as the strongest in the Eurozone, according to a Moody’s global comparison of national banking systems. Moody’s ranked the financial strength of Finland’s banking system as 11th internationally. As of April 2014, Finland maintained a triple-A rating from Moody’s, Standard & Poor’s, and Fitch. However, Standard & Poor’s cut Finland’s outlook on its credit rating from “Stable” to “Negative” in April 2014, citing Finland’s economic stagnation since 2008. In May 2014, Moody’s maintained its top AAA credit rating for Finland with a stable outlook, stating that Finland has many strengths to pull through the economic challenges it is currently facing. Finland, Luxembourg, and Germany are the only Eurozone countries with triple-A credit ratings.

Hostile takeovers have not in the past been part of the Finnish business culture and Finnish law does not distinguish between friendly and hostile takeovers. Finnish legislation does not expressly address takeover defenses. In Finnish law, the legality of takeover defenses is evaluated primarily in light of the leading principles of the Security Markets Act (SMA), the principle of equal treatment of all shareholders, and general principles of company law. If challenged, the legality of the defensive measures is subject to review by the courts.

The Takeover Board issues recommendations that provide direction for mergers and acquisitions. One can contact the panel board for a statement regarding interpretation of the recommendations, good securities markets practices, as well as an individual company’s legal issues. For more see: http://cgfinland.fi/en/the-takeover-board/

Finland changed over to the Single Euro Payments Area (SEPA) in January 2008. The system began with credit transfers and cards, and starting from July 2010, International Bank Account Numbers (IBAN) and Bank Identification Code (BIC) data have been compulsory on invoices and credit transfer forms, along with Finnish account numbers. Since November 2010 Finnish banks offering domestic direct debit services have offered SEPA Core Direct Debit to payer customers requiring such services.

10. Competition from State Owned Enterprises

State Owned Enterprises (SOEs) in Finland are active in a number of industries, such as Chemicals, Petrochemicals, Plastics & Composites; Energy & Mining; Environmental Technologies; Food Processing & Packaging; Industrial Equipment & Supplies; Marine Technology; Media & Entertainment; Metal Manufacturing & Products; Services; and Travel. The Ownership Steering Act (1368/2007) regulates the administration of state-owned companies. The act can be found at: http://valtionomistus.fi/english/files/2011/12/VALTIONYHTIOeLAKI_en.pdf

In general, State Owned Enterprises are open to competition except where they have a monopoly position, namely in alcohol, retail, and gambling. Alko is an independent limited company fully-owned by the Finnish government and administered and supervised by the Ministry of Social Affairs and Health. Alko has the exclusive right to the retail sale of beverages containing more than 4.7 percent alcohol by volume. Gambling activities are provided by the three operators licensed under the Gambling Act: Fintoto Oy, RAY (Finland’s Slot Machine Association), and Veikkaus Oy. In Finland, gambling activities are subject to strict state control and monitoring. Public authority control enables to guarantee players’ legal protection, prevent abuse and criminal activity related to gambling, and reduce the negative social and health effects of gambling. The aim is also to prevent illegal gambling activities. Foreign or other domestic operators are not allowed to market or offer their games in Finland.

Passenger rail transportation in Finland is a monopoly operated solely by the state-owned company, Valtion Rautatiet Oy (VR), but freight transport has been open to free competition since 2007. However, freight transportation by rail between Finland and Russia still remains an exclusive right of VR. The new Railway Act (304/2011) enables free competition on passenger transport within Finland. However, competition may be limited by the fact that officials can conclude agreements to only use the railway services provided by a specific company for ten years at a time.

Solidium, a limited liability company fully owned by the government of Finland, invests in companies that are considered to be of national importance. Solidium invests in Finnish listed companies and foreign listed companies with extensive operations in Finland.

As of April 2014, Finland has direct ownership of shares in three listed companies (Finnair, Fortum, and Neste Oil). Finland also owns 32 non-listed companies. A list of state-owned companies can be found here: http://valtionomistus.fi/english/companies/state-majority-owned-companies/

The Ownership Steering Department, under Minister Pekka Haavisto, handles duties relating to state ownership. The department is responsible for state ownership policy, expansion of the ownership base, branch re-organizations, share investments, and coordination of ministries’ ownership steering procedures. All government resolutions, statements of the Cabinet Committee on Economic Policy, and recommendations and statements by Ministries are public and available to all market actors. SOEs in Finland adhere to the OECD Guidelines on Corporate Governance for SOEs.

The government, in November 2000, published “Handling of Corporate Governance Issues in State-owned Companies and Associated Companies.” These guidelines stress the independence of the state-owned companies’ boards and their goal to increase shareholder value. The Finnish government publishes the salaries and remunerations of the management and boards of state-owned and associated companies.

In November 2011, the Government adopted a government resolution outlining the objectives and principles for its state ownership policy, replacing the previous government resolution on ownership steering adopted in 2007. The adopted resolution places greater emphasis on responsibility, openness and long-term goal setting. The resolution calls for responsibility and openness as it regards reporting, remuneration, and the overall transparency of business activities. According to the resolution, non-listed state-owned and state majority-owned companies must, in the future, report their responsibilities in an accurate manner. This will allow comparison between companies. The Finnish government expects companies to ensure that their subcontractors also follow the same principles of responsibility. The resolution also focuses on the composition of companies’ boards of directors and emphasizes the need to promote equal opportunities. This includes gender equality.

The government resolution, based on the Government Program, provides guidelines for ownership steering within ministries. It also provides companies, stakeholders and markets with information about the main practices of the Finnish government as an owner. The resolution builds on the continuation of the government’s active, market-based ownership policy. The underlying principle is that corporate assets held by the Finnish government constitute an important part of its national wealth.

In August 2012, the Cabinet Committee on Economic Policy adopted a statement on remuneration of management in state-owned companies (the previous statement dated from autumn 2009). Openness and moderation are the statement’s fundamental premises. Remuneration must be predictable and transparent, so that everyone involved can assess its efficiency. According to the statement, the threshold for remuneration must be sufficiently challenging to reach and it is particularly important to ensure that remuneration does not lead to excesses jeopardizing the targets set for remuneration schemes.

On December 16, 2013, Minister Haavisto announced that the age limit previously applied to board members of companies in which the state is the major shareholder will be abolished in spring 2014. In companies whose articles of association specify an age limit, the required changes will have to be agreed in an AGM. The current age limits range between 68 to 70. For companies in which the state is a minority shareholder, the new policy will apply to appointments in which the state can have a say.

Finland does not have a sovereign wealth fund.

11. Corporate Social Responsibility

Finland is committed to compliance with and the promotion of corporate social responsibility by supporting the implementation of international codes of conduct guiding the operations of multinational enterprises, such as the OECD Guidelines for Multinational Enterprises, the ILO Declaration on Fundamental Principles and Rights at Work, and the tripartite declaration of principles concerning multinational enterprises and social policy by the ILO. Compliance with the guidelines is voluntary for enterprises.

The Committee on Corporate Social Responsibility, operating in connection with the Ministry of Employment and the Economy, monitors the application of the OECD Guidelines for Multinational Enterprises in Finnish multinational corporations. The Government Decree on the Committee on Corporate Social Responsibility can be found at: http://www.tem.fi/files/23532/Government_Decree_on_the_Committee_on_Social_and_Corporate_Responsibility_(.pdf

In Finland, the Securities Market Association established by the Central Chamber of Commerce, the Confederation of Finnish Industries (EK) and NASDAQ OMX Helsinki has developed and updated the Finnish Corporate Governance Code for companies listed on the Helsinki Stock Exchange. The Code can be found at: http://www.nasdaqomx.com/digitalAssets/71/71589_finnish_cg_code_2010.pdf

The Corporate Responsibility Network (FiBS), established in 2000, is the leading corporate responsibility network in Finland, with around 200 members. The Human Rights Centre (HRC), administratively connected to the Office of the Parliamentary Ombudsman, encourages foreign and local enterprises to follow the most important international norms in the field.

Labor and environmental laws and regulations are not waived in order to attract or retain investments.

The Government of Finland published a new guide on socially responsible public procurement in November 2013, found here: http://www.tem.fi/files/38102/TEM_Opas_Sos.hank_EN_netti.pdf

The Government is committed to promoting CSR through its CSR action plan (see Government Resolution on CSR, https://www.tem.fi/files/35134/Government_Resolution_on_CSR_FINLAND.pdf ), in partnership with the public sector, enterprises, NGOs, labor market organizations and other expert organizations.

12. Political Violence

There are no instances of political violence.

13. Corruption

Corruption is not perceived as a serious threat and Finland has no dedicated national anti-corruption strategy. The Internal Security Program of 2012 discusses the risks of corruption in public procurement and for Finnish enterprises or their representatives when conducting business abroad.

Corruption in Finland is covered by the Criminal Code and provides for sanctions ranging from fines to imprisonment of up to four years. Both giving and accepting a bribe is considered a criminal act under the Criminal Code. Finland has statutory tax rules concerning non-deductibility of bribes. Finland is a signatory to the OECD Convention on Anti-Bribery. A Transparency International progress report on enforcement of the OECD Convention, released in October 2013, rated Finland’s enforcement as “moderate.” http://issuu.com/transparencyinternational/docs/2013_exportingcorruption_oecdprogre

Finland does not have an authority specifically charged with the prevention of corruption. The Ministry of Justice is responsible for the coordination of anti-corruption matters although Finland’s anti-corruption contact point for EU purposes is in the Ministry of the Interior. Ministry of Justice in 2002 set up a special anti-corruption network which meets to discuss and exchange information. The National Bureau of Investigation has an officer whose full-time duty is to follow matters related to corruption in Finland. The tax administration has, after recommendations from the Organization for Economic Cooperation and Development (OECD), published guidelines for tax officials stating their obligation to report suspected criminal offences, including foreign bribery. The Ministry of Finance has also published guidelines for government officials on hospitality, benefits, and gifts.

For more, see the Ministry of Justice’s “Corruption and the Prevention of Corruption in Finland,” found at: http://www.oikeusministerio.fi/material/attachments/om/tiedotteet/en/2009/6AH99u1tG/Corruption.pdf

Over the past decade, Finland has placed first or second on Transparency International’s Corruption Perceptions Index (CPI). In 2013, Transparency International ranked Finland as the third least corrupt country in the world. Transparency International says that Finland still faces some corruption issues related to “old-boys’ networks” where a small group of elites, sometimes with political connections, make deals and decisions in a non-transparent manner.

The Act on a Candidate’s Election Funding (273/2009) delineates election funding and disclosure rules in parliamentary, presidential, municipal, and European Parliamentary elections. The Act requires presidential candidates, Members of Parliament and Deputy Members to declare their total campaign financing and the financial value of each contribution as well as the name of the donor for donations exceeding EUR 1,500. The National Audit Office of Finland keeps a register containing the information in the election funding disclosures, available at: http://www.vaalirahoitusvalvonta.fi

Lobbying is not regulated in Finland. There is no requirement for lobbyists to register or for reporting contacts between public officials and lobbyists.

The Convention on Laundering, Search, Seizure and Confiscation of the Proceeds from Crime entered into force in July 1994. Finland ratified the Council of Europe Civil Law Convention on Corruption in October 2001. Finland ratified the Criminal Law Convention on Corruption in October 2002. The UN Convention against Transnational Organized Crime was ratified in February 2003. Finland ratified the UN Convention against Corruption in July 2006. In 2008 and 2011, Finland renewed the reservations in respect to Article 12 (trading in influence) and Article 17 (jurisdiction).

Finland is a member of the European Partners against Corruption (EPAC), which cooperates with national police oversight bodies and anti-corruption authorities of the European Union. Finland has joined the Extractive Industries Transparency Initiative (EITI), which supports improved governance in resource-rich countries through the verification and full publication of company payments and government revenues from oil, gas, and mining.

Finland is a party to the 1957 European Convention on Extradition. Finland has ratified the 1959 European Convention on Mutual Legal Assistance in Criminal Matters and its 1978 Additional Protocol. Finland is a party to the 1996 Convention on Extradition between EU member States as well the 1995 Convention on Simplified Extradition Procedure within the EU.

The United States and Finland have an extradition treaty, signed in June 1976; that entered into force in May 1980. The United States and the EU signed a bilateral extradition and mutual legal assistance treaty (MLAT) in December 2003. The United States and Finland signed a bilateral MLAT in December 2004. Finland ratified the MLAT agreements and approved the necessary implementing bilateral instruments in December 2007.

Resources to Report Corruption

The National Bureau of Investigation is the law enforcement body responsible for the investigation of complex organized and international crimes, including economic crime and corruption. Since 2007, the National Bureau of Investigation has operated an anti-corruption unit whose main function it is to detect economic offences. The corruption-detection unit consists of one officer.

Contact at government agency

  • Jouni Hirvonen
  • Detective Chief Inspector specialized in corruption
  • National Board of Investigation
  • P.O. Box 285, 01310 Vantaa
  • +358 295480141
  • Jouni.hirvonen@poliisi.fi

Contact at “watchdog” organization:

  • Annukka Timonen (since April 3, 2014)
  • Chairperson
  • Transparency Finland
  • Töölönkatu 3A, 3rd Floor, 00100 Helsinki, Finland
  • annukka.timonen@transparency.fi

Transparency International’s national chapter Transparency Finland was founded in late 2003. More information can be found at: http://www.transparency.fi/

14. Bilateral Investment Agreements

Finland has concluded bilateral investment agreements with the following 66 countries: Albania, Algeria, Argentina, Armenia, Azerbaijan, Belarus, Bosnia-Herzegovina, Bulgaria, Chile, China, Croatia, the Czech Republic, the Dominican Republic, Ecuador, Egypt, El Salvador, Estonia, Ethiopia, Georgia, Guatemala, Hong Kong, Hungary, India, Indonesia, Iran, Jordan, Kazakhstan, Kyrgyzstan, Kuwait, Latvia, Lebanon, Lithuania, Macedonia, Malaysia, Mauritius, Mexico, Moldova, Mongolia, Morocco, Mozambique, Namibia, Nepal, Nigeria, Oman, Panama, Peru, Philippines, Poland, Qatar, Romania, Russia, Slovakia, Slovenia, South Africa, South Korea, Sri Lanka, Tanzania, Thailand, Tunisia, Turkey, Ukraine, United Arab Emirates, Uruguay, Uzbekistan, Vietnam, and Zambia.

Finland does not have a bilateral investment treaty or free trade agreement with the United States. In September 1989, Finland and the United States signed a convention (TIAS 12101) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital. The convention entered into force December 30, 1990. The tax convention was amended on May 31, 2006 under a protocol signed in Helsinki. Among other things, the protocol eliminates the source-country withholding tax on many intercompany dividends and on dividends paid to pension funds and eliminates source-country withholding royalties payment regardless of the type of intellectual property. For more see: http://www.treasury.gov/resource-center/tax-policy/treaties/Documents/js4298_attachment_finnishprotocol06.pdf

15. OPIC and Other Investment Insurance Programs

In January 1996, OPIC and Finnvera (the former Finnish Guarantee Board) signed an agreement to encourage joint U.S.-Finnish private investments in Russia and the Baltic States. For more information see http://www.finnvera.fi/eng/Exports-and-internationalisation/Export-guarantees/Export-Credit-Guarantees/International-co-operation/Co-operation-agreements

Finland has been a member of the Multilateral Investment Guarantee Agency (MIGA) since 1988.

16. Labor

The Finnish labor force is highly skilled and well-educated. Of the 2.46 million persons employed in 2013, 4.3 percent were employed in the primary sector, 23 percent in industry and construction and 72.7 percent in services. Employment fell slightly in the private sector and rose in the public sector.

Finland has a long tradition of trade unions and has a unionization rate of around 75 percent. Wage formation and labor market institutions are based on legislation and agreements. Working life legislation has been prepared on a tripartite basis by government and social partners. Collective bargaining and collective labor agreements are generally binding in nature. Finland adheres to most ILO conventions; enforcement of worker rights is effective.

Regulation of the labor market - minimum wages, working hours, working conditions, etc. - to a large extent takes place through collective agreements instead of parliamentary legislation. In recent years, labor market partners at the local level have been given more flexibility in enforcing the stipulations of the collective agreements.

There were a total of 108 strikes in 2013, but none posed major threats to investment. The largest strike took place in the postal service Itella when 1,800 workers went on strike. The relevant parties came to an agreement, and delays to the postal service were minimal.

Any trade union and employers’ association may make collective agreements. Nearly all collective agreements are branch-specific. The Ministry of Labor and the Economy decides on the universal validity of the agreement. The parties to collective agreements are trade unions and the central organizations of employers’ associations. The role of the government has been, when needed, to support the conclusion of collective agreements by making the appropriate economic policy decisions, such as in cases involving taxes. Extensive tripartite cooperation between the government, employers groups, and trade unions characterize the country’s labor market system.

The Act on Employment Contracts is the main regulating act applied to employment relationships. It includes the minimum conditions regarding working hours, annual leave, safety conditions, etc.

In April 2014 the European Parliament passed the enforcement directive on the posting of workers. Posted workers are employees who are posted by an employer in one country to work temporarily in another EU member state for the purpose of providing cross-border services. The measure compels employers to abide by the terms of employment of posted workers in practice. Finland has many posted workers in the construction sector, and the directive allows for national enforcement measures such as the tax number system, which is important for efficient tax collection. The terms of employment of posted workers have already been defined in a previous directive, but the new directive adds to the effectiveness of their implementation.

The unemployment rate in April 2014 was 9 percent, against 8.8 percent a year earlier. Youth unemployment (15-24 years old) in April 2014 was 25.6 percent which was 1.2 percent higher compared to a year ago. The unemployed are granted compensation (a labor market subsidy) which, if linked to earnings as has been the case for about 60 percent of the unemployed, guarantees moderate income for a period up to 500 working days. People without jobs after a maximum of 500 days need to demonstrate that they are actively pursuing employment in order to continue receiving the benefit. For more info see The Social Insurance Institution of Finland: http://www.kela.fi/in/internet/english.nsf/NET/081101150015EH?OpenDocument

Finland allows the free movement of EU citizen workers.

Due to the aging population in Finland, all sectors of the economy are estimated to face labor shortages in the future.

17. Foreign Free Zones/Free Ports

Finland has two free warehouse areas, Hanko and Oulu, and four free zones, Hamina Lappeenranta, Turku, and Kemi. The duty-free storage areas, which are usually run by municipal corporations, are available to domestic and foreign-owned companies. Warehousing, assembly and manufacturing are allowed in these areas, with permission from the Board of Customs. The free zone area regulations have been harmonized in the EU by the Community Customs Code.

All shipments from the United States, Canada, China, and Japan containing non-manufactured wood packing materials (NWPM) of coniferous wood, must be treated and marked as such. See the Board of Customs for more information at: http://www.tulli.fi/en/index.jsp

18. Foreign Direct Investment and Foreign Portfolio Investment Statistics

TABLE 2: Key Macroeconomic data, U.S. FDI in host country/economy


Host Country Statistical source*

USG or international statistical source

USG or international

Source of Data: BEA; IMF; Eurostat; UNCTAD, Other

Economic Data






Host Country Gross Domestic Product (GDP) (Millions U.S. Dollars)







Foreign Direct Investment

Host Country Statistical source*

USG or international statistical source

USG or international

Source of data: BEA; IMF; Eurostat; UNCTAD, Other

U.S. FDI in partner country (Millions U.S. Dollars, stock positions)



(Bank of Finland)



(BEA) click selections to reach.

  • Bureau of Economic Analysis
  • Balance of Payments and Direct Investment Position Data
  • U.S. Direct Investment Position Abroad on a Historical-Cost Basis
  • By Country only (all countries) (Millions of Dollars)

Host country’s FDI in the United States (Millions U.S. Dollars, stock positions)



(Bank of Finland)



(BEA) click selections to reach

  • Balance of Payments and Direct Investment Position Data
  • Foreign Direct Investment Position in the United States on a Historical-Cost Basis
  • By Country only (all countries) (Millions of Dollars)

Total inbound stock of FDI as % host GDP (calculate)





  • http://www.tilastokeskus.fi/tup/suoluk/suoluk_kansantalous_en.html
  • http://www.suomenpankki.fi/en/tilastot/maksutase/pages/tilastot_maksutase_ja_suorat_sijoitukset_maksutase_suorat_sijoitukset_suomeen_kanta_maittain_en.aspx
  • http://www.suomenpankki.fi/en/tilastot/maksutase/Pages/tilastot_maksutase_ja_suorat_sijoitukset_maksutase_suorat_sijoitukset_suomesta_kanta_maittain_en.aspx

TABLE 3: Sources and Destination of FDI

Finland, 2012

Direct Investment from/in Counterpart Economy Data

From Top Five Sources/To Top Five Destinations (US Dollars, Millions)

Inward Direct Investment

Outward Direct Investment

Total Inward



Total Outward






























United States



"0" reflects amounts rounded to +/- USD 500,000.

Source: http://cdis.imf.org

TABLE 4: Sources of Portfolio Investment

Finland, End of June 2013

Portfolio Investment Assets

Top Five Partners (Millions, US Dollars)


Equity Securities

Total Debt Securities













United States






United States





















Cayman Islands















Source: http://cpis.imf.org/

No policies exist that govern the export of capital and outward direct investment. Holders of capital, Finnish and foreign, can move funds at will.

19. Contact at Post to learn more:

  • Rodney Hunter
  • Political/Economic Section Chief
  • Itainen Puitotie 14, 00140 Helsinki
  • +358-9-6162-5478
  • HunterRM@state.gov