We’ve received some very exciting and important news:
It looks very likely that Americans, Canadians and other non-Mexicans will no longer be required to own property in Mexico by means of a Bank Trust!
The Bill Passes the Chamber of Deputies
This afternoon, Mexico’s lower legislative house (“Chamber of Deputies” which is basically the same as the our House of Representatives) passed a bill which would modify the Mexican Constitution.
Currently, article 27 of the Constitution restricts ownership within 30 miles of the coast and 60 miles of any international border; in this “Restricted Zone” non-Mexicans cannot own property directly but must own by means of a Bank Trust (“fideicomiso” in Spanish.)
The Changes -No Bank Trust for Residential Property
The new bill which passed the Chamber of Deputies today would modify this article to allow for direct ownership of property by non-Mexicans for residential purposes.
It is worth noting that direct ownership will still not be permitted for any profitable purpose (commercial, agriculture, etc.)
The Reasons – Outdated Concerns of Invasion
Basically, as far as I understand, when the Constitution was drafted (1917) there was a fear that allowing foreigners to own property on the coast or near the border would allow them to accumulate large amounts of property and either stage an invasion from their home country or declare independence to take the land for their home country. Â After a century of revolutions and upheavals, the country was also very unstable making such concerns more real.
These days, I can’t imagine the retirees and sunbathers in Cancun doing either! Mexico’s government knows that this concern is long outdated, so it is a very obsolete security measure. Â They also know that non-Mexicans who buy residential property in Mexico bring cash-flow into the local economy.
Next Step – The Senate
The bill now has to pass the Senate for the change to take effect. Â However, the fact that it passed the Chamber of Deputies with overwhelming support is very encouraging and a giant step forward!
I’ll be posting updates as they happen on this blog, so be sure to follow it to keep up with this exciting news.
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Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 16 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the president of Top Mexico Real Estate. Contact him at (512) 879-6546.
The TOP Mexico Real Estate Network; “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!â€
Emocionantes noticias en el mundo inmobiliario. El dÃa de hoy la cámara de diputados aprobó por mayorÃa absoluta la reforma al artÃculo 27 de la constitución sobre el derecho de propiedad de tierras en la nación, para permitir la compra de bienes inmuebles a extranjeros en las zonas costeras del paÃs. La antigua ley restringÃa el derecho de propiedad a extranjeros en inmuebles ubicados a 50 kilómetros de distancia de las costas del paÃs, esto como medida precautoria en la constitución firmada en 1917 ante la eventualidad de una invasión extranjera.
Sin embargo, aunque por ley está prohibido que un extranjero posea propiedades en los lÃmites costeros del paÃs, en la práctica esto es algo que no se cumple del todo. Mediante recursos legales la compra de bienes inmuebles por extranjeros ha sido posible, esto a través de algo llamado “fideicomiso”, que no es más que un documento legal que avala la propiedad del bien inmueble a través de una institución financiera. Lo que sucede es que el banco funge como intermediario al retener el tÃtulo de propiedad del inmueble, pero el extranjero mantiene los derechos sobre ese fideicomiso.
Claro, el problema con esto son los costos. El tema claramente es un problema económico. Para un extranjero resulta mucho más caro, tardado y laborioso comprar una propiedad en la playa. Con esta reforma a la ley se regularizará algo que por años ya se hacÃa. Lo que alentará la inversión inmobiliaria en todas las zonas turÃsticas del paÃs. La iniciativa de esta reforma a la ley pretende inyectar dinamismo al mercado inmobiliario turÃstico. Abaratando los costos, agilizando los trámites y dotando de mayor seguridad legal a los miles de extranjeros que ven en las playas del paÃs el lugar ideal para comprar propiedades vacacionales.
Siguiente paso, el Senado.
La ley ahora pasará al Senado de la República para su revisión y aprobación, y posterior a esto tendrá que ser aprobada por la mitad de los congresos locales del paÃs. Hasta el momento las noticias son alentadoras, ya que tanto desarrolladores, como agencias de bienes raÃces y vendedores particulares se verán beneficiados ante esta ley que fortalecerá la inversión inmobiliaria.
www.topmexicorealestate.com la empresa lÃder en bienes raÃces en México.Â
John Dos Ramos says
Any updates as to the Senate vote? It’s been since April 2013.
Many thanks for this blog.