bajachris - 4-25-2014 at 11:12 PM
Proposed Amendment to Article 27 (Fideicomiso) has Been Rejected:
Mexico City, D.F. In April of 2013, the Mexican Chamber of Deputies approved legislation which would have amended the Mexican Constitution to permit
foreigners to purchase property outright in Mexico's R estricted Zone, which is 100 kilometers from the borders of the United States, Belize and
Guatemala, and 50 kilometers from the coastlines of Mexico.
Effectively this would have meant doing away with the Mexican bank trust, known as the fideicomiso. This initiative has been rejected, according to a
report from Mexico's Secretary of Government. (SEGOB)
Rejection of the proposed amendment is the result of not continuing with the amendment procedure within the time frame permitted under Article 89
Number 2, Section III of the Rules of the Chamber of Deputies.
The result is that foreigners purchasing property in the Restricted Zone must continue to obtain titles using the bank trust system, the fideicomiso,
initiated in 1972. It is not thought this subject will arise again over the next few years.
http://www.banderasnews.com/1304/re-foreigninvestmentincoast...
Bummer...
bajagrouper - 4-25-2014 at 11:21 PM
Thanks but kinda old news..........from Jan. 14........
[Edited on 4-26-2014 by bajagrouper]