In an article published in monthly newsletter Mobility in the Nordics: Opportunities and challenges of free movement in the Nordic region, the Nordic Council of Ministers Information Service (Info Norden) raises concerns about reluctance on the part of some Swedish banks to accommodate foreign homebuyers, particularly third-country nationals (TCNs) seeking to open accounts. Migrants to Sweden often encounter many bureaucratic obstacles, making it very difficult to, for instance, buy a home there.
Swedish legislation stipulates that citizenship, residency, or possession of a Swedish personal identification number is not mandatory for real estate purchases, extending equal opportunities to both local and foreign individuals. The article notes, however, that the process for property acquisition is generally ‘more streamlined’ for EU citizens, while TCNs often encounter bureaucratic barriers: many Swedish banks stipulate that the final transaction of the real estate processing purchase must occur through a domestic account, obliging customers from third countries to establish a Swedish bank account.
According to Info Norden, Swedish banks commonly decline requests from foreign homebuyers to open accounts. In accordance with the Swedish Bankers’ Association guidelines, EU/EEA citizens residing within the EU/EEA are entitled to basic payment accounts, whether they have legal residence in Sweden or not. Discrimination based on residency or personal identification number is prohibited under Swedish law.
The primary obstacle encountered by customers from third countries seeking to buy real estate, according to this piece, is the absence of a Swedish personal identity number, and although in theory this alone does not legally justify rejection, in practice it is often the case.
