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.
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.
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