Foreign residents may now buy properties in Mexico

Alterations to Article 27 of the Mexican Constitution, which will allow foreign residents to acquire property lots in Mexico

In concordance with article 27 of The Constitution of Mexico, only citizens by birth or naturalized, as well as national societies, have the right to acquire land lots, beachfront properties and have all the benefits derived from the acquisition of the place.

By law, foreigners who would like to purchase a property or piece of land in Mexican soil can only do so by obtaining a trust fund issued by the State.

Properties Mexico

Nevertheless since 2013, congress members have been analyzing a series of modifications for this law, which will allow foreigners to acquire lands without the necessity of a trust fund, enabling a direct transaction and with greater legal certainty for buyer.

The president of the Coordinating Business Council, Mr. Rafael Lang, ensures that these modifications will be approved by congress members, and will bring more benefits than damages to the nation; it can boost the sale of land substantially.

It is estimated that the increase will benefit all across the Mexican Caribbean, and the market could get an increase in 50%. With today’s specifications on the law, 200 million dollars are obtained by foreigners trust funds, in case the modification is approved the profit of this transactions could rise up to an annual amount of 2 thousand 500 million dollars.

The former head of the Mexican Association of Real Estate Professionals, Juan Pablo Mirabent assured that the beach zone are not being sold and called upon the people not to be confused because the heritage issue will not prevent the free passage on the federal maritime zone.

Mexico Properties

RELATED NEWS

  • Southwest Airlines inaugurates new international route to Cancun from New OrleansSouthwest Airlines inaugurates new international route to Cancun from New Orleans
  • The Federal Aviation Administration has ordered airlines to inspect certain older CFM56-7B turbofan engines.The Federal Aviation Administration has ordered airlines to inspect certain older CFM56-7B turbofan engines.
  • North Korea North Korea 'halts missile and nuclear tests', says Kim Jong-un
  • Frida Kahlo Barbie doll banned from shop shelves in MexicoFrida Kahlo Barbie doll banned from shop shelves in Mexico
  • NAFTA meeting on tap; Mexico doesn’t want to be used to elude US tariffsNAFTA meeting on tap; Mexico doesn’t want to be used to elude US tariffs
  • Mexico is second on world’s best places to retire listMexico is second on world’s best places to retire list
  • New video editing trend could be the future of ´fake newsNew video editing trend could be the future of ´fake news'
  • Trump says North Korea talks under way but he may not meet Kim Jong-unTrump says North Korea talks under way but he may not meet Kim Jong-un
  • Mexico’s candidates are avoiding talking about the elephant in the room: PensionsMexico’s candidates are avoiding talking about the elephant in the room: Pensions
  • Elon Musk just sank more than $100 million into The Boring CompanyElon Musk just sank more than $100 million into The Boring Company
  • Netflix is soaring after it crushed subscriber growth targets yet againNetflix is soaring after it crushed subscriber growth targets yet again
  • Starbucks: Protesters call for boycott after black men arrestedStarbucks: Protesters call for boycott after black men arrested
WATCH LIVE TV



Most Read Articles
Most Watched Videos
  • Generations Riviera Maya
  • Mayair

Language

Mexico News Network
All rights Reserved 2018