BajaNomad

New mexician land law

ligui - 5-31-2013 at 06:29 AM

Anybody know when they are going to vote on the bill that will let anyone buy land in coastal areas .

Thanks

DENNIS - 5-31-2013 at 07:42 AM

Quote:
Originally posted by ligui
Anybody know when they are going to vote on the bill that will let anyone buy land in coastal areas .

Thanks


It'll never happen. :no:

Marla Daily - 5-31-2013 at 09:06 PM

Article 27 of the Mexican Constitution to allow foreigners to directly own residential real estate within the restricted zone. Before the results actually become law, the bill will need to pass through several more steps, including the following:

1. Approval by the Federal Senate,
2. Approval by a majority of the State congresses
3. Signed into law by the President
4. Published and announced in the daily government newspaper

Supported by a large majority, the reforms are likely to navigate the legislative process and become official law. The Mexican Senate’s session, however, ended on April 30th and they will not meet again until September. As a result, this reform should be among the first orders of business. As a central initiative of the multi-party alliance Pacto por México, the reforms will be a priority.
Once the reforms are approved, the fideicomisos (trusts) that are currently in place will remain so, even though they will no longer be a requirement. After all, the Mexican land trust, the fideicomiso, is really just a contract with a financial institution that stipulates that the bank is going to hold onto a piece of property (can be real estate, a corporation, liquid asset, etc.). As a result, any contracts currently valid should remain in place and stay legally binding.
[http://www.ellscpas.com/mexico-reform-fideicomiso-foreigners-property/]

Kgryfon - 6-1-2013 at 03:30 AM

Good info, thanks.

Russ - 6-1-2013 at 05:45 AM

I was under the impression that the bill had already passed both houses and would be signed by the President. It was now in the process of being written into an acceptable form to add to the constitution then be voted on by the general public.
Please correct me if I an incorrect.

BajaBlanca - 6-1-2013 at 06:11 AM

A government employee who was staying with us told Les that the bill is now LAW. He told him to wait a month (this was quite recent) til the dust settled.

[Edited on 6-1-2013 by BajaBlanca]

rts551 - 6-1-2013 at 06:13 AM

I was always under the impression that a constitutional amendment was required. That would require that the states ratify it.

rts551 - 6-1-2013 at 06:16 AM

April 24, 2013

MEXICO CITY (AP) -- The lower house of Mexico's congress voted Tuesday to loosen longstanding restrictions on foreigners buying property along the coast and the nation's borders, a proposal that drew stiff criticism from some quarters.

The measure, which passed 356-119 in the Chamber of Deputies, still needs approval from the Senate and a majority of the country's 32 state legislatures to become law.

wessongroup - 6-1-2013 at 06:34 AM

Thanks, that helps ...... I think :biggrin:

Udo - 6-1-2013 at 07:08 AM

I am with Blanca on this new law.

I just renewed my FMM and the official doing the paperwork told me that I should convert mt Fido as soon as possible since the new land ownership law is now in effect.

However, that said...
I think we would have a lot more chatter here on Nomads about the issue.

monoloco - 6-1-2013 at 07:21 AM

A Mexican attorney friend of mine in La Paz, told me last week that she thinks this will eventually become law, but she thinks that it will take 1 1/2- 2 years before it's implemented.

Marla Daily - 6-1-2013 at 07:34 AM

Russ' impression is incorrect; the government employee who stayed with BajaBlanca is misinformed; the immigration official who helped Udo is wrong; and the attorney friend of Monoloco simply expressed her personal opinion given the current status of things.

The following STILL needs to occur:
1. Approval by the Federal Senate
2. Approval by a majority of the State congresses
3. Signed into law by the President
4. Published and announced in the daily government newspaper

The process will continue when the senate reconvenes in September. Tal vez sí, tal vez no!

rts551 - 6-1-2013 at 07:38 AM

Quote:
Originally posted by Udo
I am with Blanca on this new law.

I just renewed my FMM and the official doing the paperwork told me that I should convert mt Fido as soon as possible since the new land ownership law is now in effect.

However, that said...
I think we would have a lot more chatter here on Nomads about the issue.


If the law (constitutional amendment) was in effect, there would be a lot more "chatter" in the formal media....

DENNIS - 6-1-2013 at 08:51 AM

Even if the law is changed [which I strongly doubt will happen in our life's time] owners still won't have to sell their land, and it will open up a whole new category of fraudulent land sales and thoughtless purchases.

rts551 - 6-1-2013 at 08:57 AM

Dennis, I think the law might change this time....but yes. A lot more "problem" sales whether fraudulent or not.

DENNIS - 6-1-2013 at 09:09 AM

Quote:
Originally posted by rts551
Dennis, I think the law might change this time....


If it does, Ralph, it will have so many provisions as to make it meaningless.
Mexico isn't doing this to attract retirees. They want big business......international investors......Club Med.

With all of this progress will come laws of Eminent Domain, so all of you waterfront owners should keep your bags packed and hope this never happens.

BajaBlanca - 6-1-2013 at 10:03 AM

Udo, you are very funny!

wessongroup - 6-1-2013 at 12:49 PM

Quote:
Originally posted by DENNIS
Even if the law is changed [which I strongly doubt will happen in our life's time] owners still won't have to sell their land, and it will open up a whole new category of fraudulent land sales and thoughtless purchases.


Couldn't this be viewed as "growth" in some fashion :biggrin:

boe4fun - 6-1-2013 at 01:16 PM

So IF and WHEN this is passed and implemented, what does one do if they currently have a fideicomiso; let it expire, keep it in place, have it legally deconstructed?

DENNIS - 6-1-2013 at 01:26 PM

Quote:
Originally posted by boe4fun
So IF and WHEN this is passed and implemented, what does one do if they currently have a fideicomiso; let it expire, keep it in place, have it legally deconstructed?


I doubt plans that far in the future have been made.

Udo - 6-1-2013 at 01:33 PM

I am speaking about this with a Mexican attorney.
Quote:
Originally posted by boe4fun
So IF and WHEN this is passed and implemented, what does one do if they currently have a fideicomiso; let it expire, keep it in place, have it legally deconstructed?

Actually plans have been made...

akmaxx - 6-1-2013 at 01:37 PM

I have a lawyer friend who was in charge of rewriting the states law books to account for this new law in Sinaloa. They mentioned to me that all the costs, minus the fees, you have paid to banks for fido's are due back to you as the bank was just holding your "bond" in escrow for the gov't.

My lawyer friend is waiting for this to get further along and then they intend to start building a client list of those with long-held fido's due the biggest returns. When this happens it will be the lawyer with the best relationship at the banks who makes the process smooth.

Interesting to see how this will play out.

rts551 - 6-1-2013 at 01:42 PM

Quote:
Originally posted by akmaxx
I have a lawyer friend who was in charge of rewriting the states law books to account for this new law in Sinaloa. They mentioned to me that all the costs, minus the fees, you have paid to banks for fido's are due back to you as the bank was just holding your "bond" in escrow for the gov't.

My lawyer friend is waiting for this to get further along and then they intend to start building a client list of those with long-held fido's due the biggest returns. When this happens it will be the lawyer with the best relationship at the banks who makes the process smooth.

Interesting to see how this will play out.



ja ja ja..... and what will be the "fee: to opt out of your fido.

DENNIS - 6-1-2013 at 02:13 PM

Quote:
Originally posted by rts551

ja ja ja..... and what will be the "fee: to opt out of your fido.



The mere thought of a bank giving back "your" money makes me laugh. :lol:

Udo - 6-1-2013 at 03:12 PM

MY sentiments also, DENNIS:lol:
Quote:
Originally posted by DENNIS
Quote:
Originally posted by rts551

ja ja ja..... and what will be the "fee: to opt out of your fido.



The mere thought of a bank giving back "your" money makes me laugh. :lol:

monoloco - 6-1-2013 at 03:46 PM

Quote:
Originally posted by boe4fun
So IF and WHEN this is passed and implemented, what does one do if they currently have a fideicomiso; let it expire, keep it in place, have it legally deconstructed?
You will have to pay the bank to dissolve your fido and transfer the escritura back to you. Currently the cost is about 2-3k dollars.

chuckie - 6-1-2013 at 04:31 PM

Coming:O and going:O

UnoMas - 6-1-2013 at 08:13 PM

Have a friend that wanted to get out of his fidi because the bank fee was going up 6% every year so he could negotiate it with other banks. His attorney told him $4000.usd to get out and aprox. $4000.usd for the new one. Always read things carefully before signing. A fidi can be negotiated with numerous banks in the beginning but not after signing. ;)