In the first quarter of 2013, we released the great news about new initiatives and law changes designed to abolish the Mexican bank trust law, which has been legal loophole allowing foreigners to legally own property in the restricted zones of Mexico!
While the Mexican bank trusts are both a safe and a non-threatening legal way to own a home in Mexico, some people still feel more comfortable with the idea of being able to personally hold the title on their own property.
This news caused a surge of interest from Americans and Canadians poking at the idea of purchasing property in Mexico, and even more so when the law finally made it through its first hurdle, being passed by Mexico’s lower chamber of law makers.
But what happened after that? Why no news since?
The new law has still been lingering waiting to be passed by the Senate in Mexico. While it is expected to be an easy vote…a shoe in if you will; it may have been put to the side for a short time while Mexico’s new President, Enrique Pena Nieto, focused on new reforms, taxes and education laws that took precedent over other topics.
These new laws and reforms, which Nieto has been focusing on, were intended to boost Mexico’s economy and also improve Mexico’s education system. But a shift in focus does not mean that hope is lost forever.
The bank trust issue is still a very important one, both in the eyes of foreigners wishing to purchase property in Mexico, and in the eyes of the Mexican government who want to encourage real estate sales to foreigners.
We hope that 2014 will bring a new light on this issue and we can finally see some additional movement on the law change. In the meantime, we must remember that even when the law gets passed, a little patience is still required. If approved, it may take time before the law will actually go into effect.
Holding a Bank Trust is a safe way to own property in Mexico!
We would like to reinforce the fact that the current law of needing to hold a Mexican bank trust is a very safe way to own property in Mexico. You are the sole beneficiary of your Mexican property, and you can treat the home the same as if you held the title yourself; this includes collecting equity, selling your home, passing it down to other beneficiaries, making changes to the home, etc.
What you may not have considered!
In fact, even when the new law goes into effect, and you are no longer required to hold a bank trust, the option to have one is still at your disposal. The bank trust does hold additional benefits and securities, which you may actually find you prefer over not having one.
Don’t wait on your dreams!
If you have been holding out on buying property in Mexico in hopes of the new law, we suggest you still move forward with your plans, as the law could still take quite some time before it actually gets passed. Don’t miss a great opportunity or a great deal if you find just what you have been looking for.
Keep in contact with your trusted Mexico real estate agent and ask for updates on the movement of the new law. We will also be happy to keep you posted when new news becomes available!
Cheers in anticipation of an incredible 2014 for everyone!
Update:Â Amendment to Mexican Bank Trust Law Rejected on a Technicality
