dirtsurfer
Guest
I received this from my Baja friends today:
FYI – Mexico land ownership changes.
From: Gabriela Ramirez [mailto:[email protected]]
Sent: Thursday, April 25, 2013 10:06 PM
To: [email protected]
Subject: pending legislation impacting foreign ownership of Mexican property
Hello all,
I would like to inform you that yesterday April 24, 2013; the Mexican Chamber of Deputies (house of representatives) approved a paramount Constitutional amendment.
If this amendment gets approved at the Senate in the following weeks/months; it will become the new law and amending Article 27 of the Mexican Constitution which restricts ownership of land in certain areas of Mexico such as beaches and border areas.
IF APPROVED, the law will allow foreigners to own any land in Mexico as fee simple ownership.
A Bank Trust will no longer be necessary.
If you are in the process of acquiring land it will mean that you will be able to own such property in fee simple.
If you already own land through a Trust Agreement, you will be able to end the Trust, rid the Trustee and the annual trust fee, if desired.
If you own beachfront property you will be able to transfer the property to a fee simple title and apply for a beach concession and execute the application yourself.
The conditions/restrictions of a fee simple title are expected to be:
1.- the property is used only for residential purposes
2.- the property is not used for commercial, industrial, agricultural or any other for-profit purpose
3.- the purchase must be authorized by the Mexican Secretary of Foreign Affairs
4.- if the property is used for any purpose other than residential, there will be an administrative procedure to seize the property in favor of the Mexican government.
I am paying close attention to this matter and will keep you updated.
Gabriela Ramirez
+52 (664) 634-0302
+ 1 (619) 955-7930
FYI – Mexico land ownership changes.
From: Gabriela Ramirez [mailto:[email protected]]
Sent: Thursday, April 25, 2013 10:06 PM
To: [email protected]
Subject: pending legislation impacting foreign ownership of Mexican property
Hello all,
I would like to inform you that yesterday April 24, 2013; the Mexican Chamber of Deputies (house of representatives) approved a paramount Constitutional amendment.
If this amendment gets approved at the Senate in the following weeks/months; it will become the new law and amending Article 27 of the Mexican Constitution which restricts ownership of land in certain areas of Mexico such as beaches and border areas.
IF APPROVED, the law will allow foreigners to own any land in Mexico as fee simple ownership.
A Bank Trust will no longer be necessary.
If you are in the process of acquiring land it will mean that you will be able to own such property in fee simple.
If you already own land through a Trust Agreement, you will be able to end the Trust, rid the Trustee and the annual trust fee, if desired.
If you own beachfront property you will be able to transfer the property to a fee simple title and apply for a beach concession and execute the application yourself.
The conditions/restrictions of a fee simple title are expected to be:
1.- the property is used only for residential purposes
2.- the property is not used for commercial, industrial, agricultural or any other for-profit purpose
3.- the purchase must be authorized by the Mexican Secretary of Foreign Affairs
4.- if the property is used for any purpose other than residential, there will be an administrative procedure to seize the property in favor of the Mexican government.
I am paying close attention to this matter and will keep you updated.
Gabriela Ramirez
+52 (664) 634-0302
+ 1 (619) 955-7930
