BajaNomad - Bill would lift limits on foreigners owning property

Bill would lift limits on foreigners owning property

Bajajack - 3-6-2009 at 08:01 AM

Bill would lift limits on foreigners owning property

BY DAVID AGREN

The News

A new proposal in the Senate would lift rules that prohibit foreigners from buying property in the nation's coastal and border regions.

The bill, sponsored by Sen. Mario López Valdez of the Institutional Revolutionary Party, or PRI, aims to boost foreign investment by scrapping constitutional prohibitions against non-Mexicans owning property within 50 kilometers of a coastline and 100 kilometers of the border.

López Valdez's proposal would allow foreigners to own residential properties, but not commercial developments.

The proposal reflects both a changing attitude toward foreign investment in Mexico and the growing impact of non-Mexicans on the domestic economy. So-called "gringo colonies," populated largely by U.S. retirees, have sprung up in areas such as Puerto Vallarta, Jalisco, and San Miguel de Allende, Guanajuato.

But while expats have been free to purchase homes in inland cities such as San Miguel, they have had to work around the law in costal areas such as Puerto Vallarta by purchasing property through a bank trust.

Some realtors welcomed the bill, though they say the market has flourished in spite of the current rules.

"[Buying a coastal property] is a pretty straightforward deal," said Damyn Young, a sales associate with International Realty in Ajijic, Jalisco.

"The only hassle is that you pay the bank to get in, pay annually to maintain it and pay to get out of it" upon selling, he said.

López Valdez said that 69.8 percent of the 4.3 million vacation properties in Mexico are now owned by foreigners - with many held in trusts. The constitutional change would simply reflect current realities, he said.

José Alfonso Suárez del Real, a deputy from the Democratic Revolution Party, said he supports the idea of modifying the rules, but not while violence flares at the northern border.

"It's not the most secure place to invest," he said. "What we would be opening the door to is money-laundering, not real investors, from the United States."

The rules against foreign property ownership are spelled out in Article 27 of the Constitution, which was written in 1917 and stemmed from painful memories of 19th-century occupations by the U.S. and French armies.

surfer jim - 3-6-2009 at 08:26 AM

Now I can go look at some Rosarito condos.....wonder what is available in the TRUMP TOWERS.... :no:

CaboRon - 3-6-2009 at 08:29 AM

Woooosh - 3-6-2009 at 09:09 AM

Quote:

Originally posted by surfer jim
Now I can go look at some Rosarito condos.....wonder what is available in the TRUMP TOWERS.... :no:

I'm sure they will still take your deposit.

Bajajack - 3-6-2009 at 09:17 AM

If they do pass the law I'm sure it will contain at least couple of Gringo flaws that they can use to screw you latter.

It just wouldn't be mexico if they didn't.

:lol:

SteveD - 3-6-2009 at 09:31 AM

Last time we passed the Trump Towers on the toll road it was just a large pile of dirt. Condos for Gophers? At least the smell from the sewage treatment plan wasn't too bad that day.

[Edited on 3-6-2009 by SteveD]

Woooosh - 3-6-2009 at 09:35 AM

Quote:

Originally posted by SteveD
Last time we passed the Trump Towers on the toll road it was just a large pile of dirt. Condos for Gophers? At least the smell from the sewage treatment plan wasn't too bad that day.

[Edited on 3-6-2009 by SteveD]

Dead as a door nail. I can't believe he hasn't taken the billboard at the site down yet. "Trump Baja...owning here is just the beginning"

... LOL

CaboRon - 3-6-2009 at 10:38 AM

I am not suprised,

It might cost a buck or two to take down the sign,

It is now a permanent part of the landscape :lol:

CaboRon

[Edited on 3-6-2009 by CaboRon]

Bajahowodd - 3-6-2009 at 11:39 AM

No es disponible?

Ain't gonna happen

Dave - 3-6-2009 at 12:44 PM

Quote:

Originally posted by Bajajack
Bill would lift limits on foreigners owning property

If this becomes law I'll kiss a monkey's a$$ on main street.

Woooosh - 3-6-2009 at 03:30 PM

Quote:

Originally posted by Dave

Quote:

Originally posted by Bajajack
Bill would lift limits on foreigners owning property

If this becomes law I'll kiss a monkey's a$$ on main street.

My mother in law will be waiting. She hasn't had that done properly in a long time I'll bet.

[Edited on 3-6-2009 by Woooosh]

[Edited on 3-6-2009 by Woooosh]

DanO - 3-6-2009 at 03:31 PM

Quote:

Originally posted by Woooosh

Quote:

Originally posted by Dave

Quote:

Originally posted by Bajajack
Bill would lift limits on foreigners owning property

If this becomes law I'll kiss a monkey's a$$ on main street.

My mother in law will be waiting. She hasn't had that done properly in long time I'll bet.

That may very well be the funniest post I've ever read on this board.

So...

Dave - 3-6-2009 at 03:34 PM

Quote:

Originally posted by Woooosh
My mother in law will be waiting. She hasn't had that done properly in long time I'll bet.

I'd guess the wife doesn't read this forum? :rolleyes:

Woooosh - 3-6-2009 at 04:04 PM

Quote:

Originally posted by Dave

Quote:

Originally posted by Woooosh
My mother in law will be waiting. She hasn't had that done properly in long time I'll bet.

I'd guess the wife doesn't read this forum? :rolleyes:

nope. she only uses it for e-mail. sometimes reads over the shoulder to make sure I'm not day-trading or something stupid like that. Since I've called the MIL a gorilla before (in purely positive comparative ways of course) this comment couldn't get me into too much more trouble. If I posted her pic though, you'd know why. The old lady sure can cook though and taught all 7 daughters how to run a household.

Simian shenanigans

Dave - 3-6-2009 at 04:22 PM

Quote:

Originally posted by Woooosh
Since I've called the MIL a gorilla before

Sorry, the offer is for monkeys only. No gorilla a$$ kissing for me.

Packoderm - 3-6-2009 at 06:08 PM

I'm agreeing with Dave on this one. My gut feeling is that it's just not going to happen. Nothing happens.

Woooosh - 3-6-2009 at 06:45 PM

Quote:

Originally posted by Dave

Quote:

Originally posted by Woooosh
Since I've called the MIL a gorilla before

Sorry, the offer is for monkeys only. No gorilla a$$ kissing for me.

from that angle she can pass.

Bob H - 3-6-2009 at 09:03 PM

Yeah, and the road will be paved from San Felipe to Gonzaga Bay and on to MX-1 some day soon, huh?
Bob H