Proposed changes to the Mexican constitution could go through to make it cheaper and easier for foreigners to buy ocean homes for sale in Mexico.
Mexican Senator for Sinaloa, Mario López Valdez, put forward changes to Article 27 a little over a year ago with the intention of reducing the paperwork for foreigners to buy homes in the coastal and border regions, and also bring down costs.
Ocean homes for sale in Mexico's "restricted zone" have to be bought by non-Mexicans through a bank trust or corporation at the moment. It is not a major hurdle, but it does create extra formalities and costs.
López's proposals did not get very far however, partly due to the fact that he resigned from the senate last month in order to run in elections to be the new governor for Sinaloa. Ocean homes for sale are probably far from his thoughts as he does this.
Fortunately for foreigners looking to save money on the border and coast of Mexico, a new initiative was put forward last month by 8 different senators from 3 different political parties.
Apart from having cross-party support, the new proposed bill is also more robust and would cut trusts out altogether, making the red tape for ocean homes for sale much lighter.
In the words of the senators, they are seeking to "eliminate the restricted zone and make it possible for foreigners and foreign companies to have direct control over without restrictions".
If the changes to the law affecting ocean homes for sale are to succeed then the fundamental Mexican constitution will need to be changed. Not an impossible task by any means, but questions are bound to arise about national security, foreign intervention and sovereignty.
Once the constitution is changed more amendments will be needed to other Mexican laws, such as the Foreign Investment Law of 1993.
Banks that make money from providing trusts for foreigners looking at ocean homes for sale here are likely to put up resistance, but with well thought out legal wording and support across the Senate, the changes can still be pushed through.
The proposals also consider foreigners that already own ocean front real estate here, a clause in the new decree says they will be able to obtain ownership of their properties when the law goes into effect.
Overall, the proposals will make it even simpler for overseas citizens to buy ocean homes for sale and increase foreign investment in Mexico. A win-win situation for all.
Comments(4)