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El Jefe
Super Nomad
Posts: 1027
Registered: 10-27-2003
Location: South East Cape
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Fideicomiso will continue
This just emailed from a friend in real estate. Kinda sucks.
The Fideicomiso will continue. Amendment to Article 27 of the
Mexican Constitution has been Rejected
By John K. Glaab, CIPS
In May of 2013, the Mexican Chamber of Deputies (the lower house)
approved legislation which would have amended the Mexican
Constitution to permit foreigners to purchase property outright
in Mexico’s Restricted Zone which is100 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 the
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.
About the author:
John Glaab is Vice President of International Marketing at
Mexico's The Settlement Company® A Certified International
Property Specialist (CIPS) he was named International Member of
the year, 2012 by the National Association of Realtors® (NAR)
No b-tchin\' in the Baja.
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SFandH
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Thanks El Jefe, I was wondering about that.
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churro
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Is this announcement Official ?? Has the Mexican Government came out and said that the proposal to change Article 27 of the Constitution has been shot
down?
This is a pretty big deal... I think it would make headlines if the proposal was officially shot down.
[Edited on 2-8-2014 by churro]
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El Jefe
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All I know is what the email says, and I have no idea who the writer is other than what is says here. Could be that they just missed an administrative
deadline and will have to re-submit the proposal. Or could be they let it die for a reason. Time will tell.
And there may be an incentive for somebody in the real estate industry to put this out in order to get fence sitter buyers to take the plunge instead
of waiting until the fiedi goes away.
[Edited on 2-8-2014 by El Jefe]
No b-tchin\' in the Baja.
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shari
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Location: bahia asuncion, baja sur
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Mood: there is no reality except the one contained within us "Herman Hesse"
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there was ALOT of opposition to this in these parts...so it doesnt surprise me at all that it is not going through.
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MitchMan
Super Nomad
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Ditto, shari.
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DianaT
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Yes only three of our Mexican friends in Baja are in favor of a change and the rest are very much against it.
However, is it confirmed that it was voted down? I have tried to find another source to confirm El Jefe's e-mail with no luck? Important
information for all of us fence sitters. 
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DavidE
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Location: Baja California México
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Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
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Can't separate the owners if the Fideicomiso disappears. Much easier to levy much heavier proposed taxes on Fideicomiso holders. They stand out like a
sore thumb.
1. Levy heavier taxes on banks which are passed on of course with a little vigorish.
2. And tramite fees on the Fideicomiso holders (as fees and service charges).
A Lot To See And A Lot To Do
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DENNIS
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| Quote: | Originally posted by soulpatch
I don't know if it was voted down but I believe the legislative timeline on it expired.
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That's all the scant info provides. Wouldn't come as a surprise as that method of postponing the issue would leave the door wide open to reopen
discussions and weigh foreign investment sentiment.
We'll call it a Red Herring.
http://en.wikipedia.org/wiki/Red_herring
"YOU CAN'T LITTER ALUMINUM"
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DENNIS
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| Quote: | Originally posted by DianaT
However, is it confirmed that it was voted down? |
Not voted down....just ran out of time.
Not here, as yet. If it isn't all over the Mexican news no later than Monday, it will surely be no more than rumor.
"YOU CAN'T LITTER ALUMINUM"
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DavidE
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Location: Baja California México
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Mood: 'At home we demand facts and get them. In Mexico one subsists on rumor and never demands anything.' Charles Flandrau,
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Banks administering Fideicomisos would ya know sorta have a clue about this. Kinda like......their......business.....
A Lot To See And A Lot To Do
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DENNIS
Platinum Nomad
Posts: 29510
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| Quote: | Originally posted by DavidE
Banks administering Fideicomisos would ya know sorta have a clue about this. Kinda like......their......business..... |
Do ya think banks have a strong lobby in congress? 
Actually, I strongly believe public sentiment, or fear of same, is what caused the indecision. The rank and file of Mexico don't bother with opinions
on many things in Mexico because, traditionally, their opinion doesn't count and isn't heard, but things are changing and this is different. In
effect, it's like selling the spoils of war and it won't be tolerated without being snuck through the back door, buried in other
legislation.......piece by piece.
"YOU CAN'T LITTER ALUMINUM"
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DianaT
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| Quote: | Originally posted by DENNIS
Do ya think banks have a strong lobby in congress?
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Even though they are almost all foreign owned, lobby money is always appreciated.
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yellowklr
Senior Nomad
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Registered: 4-14-2006
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that will keep the prices down!!! YAY glad to have a Mexican Esposa and Kid!
Derek
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pauldavidmena
Super Nomad
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Location: Centerville, MA, USA
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Found a blog posting (in Spanish) about this at DossierPolitico.com that seemingly confirms this news. 
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Sweetwater
Senior Nomad
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Mood: chilly today hot tomale
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Mexico is a large country with Baja representing a small and somewhat detached location. International investment in the country is needed, IMHO and
sooner or later, the government will need to deal with a good way to incentivize that investment. With the amount of international deflationary risk,
Mexico will want higher prices and in turn, higher wages to be a result. That seems to me to be part of the PEMEX deal and the results are pretty
striking in comparison to US gasoline prices. It might be too much change too quickly but I think you're going to see more changes rather than fewer
changes.
Everbody\'s preachin\' at me that we all wanna git to heaven, trouble is, nobody wants to die to git there.-BB King
Reality is what does not go away when you stop believing in it. -Philip K Dick
Nothing is worse than active ignorance. Johann Wolfgang von Goethe(1749-1832, German writer, artist and politician)
When choosing between two evils, I always like to try the one I\'ve never tried before. - Mae West
Experience is what keeps a man who makes the same mistake twice from admitting it the third time around.
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Hook
Elite Nomad
Posts: 9011
Registered: 3-13-2004
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Mood: Inquisitive
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| Quote: | Originally posted by soulpatch
I think they like the cash flow. With the whole PEMEX thing and this it would just be too much loss of nationalism to deal with in such a short time
frame.
Governments love their tax bases!
Other option is Residencia Permanente and then citizenship.... that puts it all to bed. |
I would think the government would actually get more in taxation with brisk real estate sales and increasing real estate prices; something that was
likely to happen if the trusts went away.
What is the government's cut on the trust process? Just the income tax on the portion that a bank takes in as profit? I really dont know.
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DENNIS
Platinum Nomad
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Mexico needs tax reform and transparancy....more than foreign investment.
"YOU CAN'T LITTER ALUMINUM"
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BajaBlanca
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foreigners buying land bill DID NOT PASS
I just read this in an online publication I get:
The Fideicomiso will continue. Amendment to Article 27 of the Mexican Constitution has been Rejected - By John K. Glaab, CIPS
In May of 2013, the Mexican Chamber of Deputies (the lower house) approved legislation which would have amended the Mexican Constitution to permit
foreigners to purchase propertyoutright in Mexico’s Restricted Zone which is100 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 the 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.
About the author: John Glaab is Vice President of International Marketing at Mexico's The Settlement Company® A Certified International Property
Specialist (CIPS)
he was named International Member of the year, 2012 by the National
Association of Realtors® (NAR)
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Bajaboy
Ultra Nomad
Posts: 4375
Registered: 10-9-2003
Location: Bahia Asuncion, BCS, Mexico
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and the banks will continue to get the money while the land owners will miss out....
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