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Possible Changes Ahead in Mexican Land Ownership For Foreigners

IMG 0358 300x225 Possible Changes Ahead in Mexican Land Ownership For Foreigners

Mexico Beachfront Property

Things could get real interesting for foreign retirees if some lawmakers get there way.  Currently, foreigners must set up a trust (fideicomiso) or find a silent Mexican partner if they want to own land on the Mexican coastline.  The proposed change in the law would allow foreigners to buy coastal real estate and own the deeds to the property.

This proposal could drastically change the amount of foreign investment in Mexico and attract many buyers who were previously scared off by the nebulous real estate laws and stories of fraud.  Opponents of the bill argue that the process would make it too easy for foreign millionaires to snap up property on the Mexican coastline, leaving no coastal property for Mexican citizens.

The amendment to the Mexican constitution is currently before the Senate and it must be approved by the Senate and President Peña Nieto before it goes into effect.

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