Someone sent me this link from Novedades: Podrian extranjeros ser duenos de playas mexicanas - Grupo SIPSE, sipse.com Basically, 4 parties--PAN, PRI, Convergenciaand Nueva Alianza--have proposed a bill that would eliminate the need for the fideicomiso and permit individuals or foreign companies to own property (including water and mineral rights!)outright in all of Mexico including the currently prohibited "restricted zone." It probably has a good chance since both PAN and PRI are for it. "De aprobarse la reforma, "cualquier persona tendrá derecho a adquirir el dominio de las tierras, aguas y sus accesiones o para obtener concesiones de explotación de minas o aguas, en los términos de la legislación secundaria. Los inversionistas extranjeros y las sociedades mexicanas con cláusula de admisión de extranjeros que tengan fideicomitidos a su favor bienes inmuebles en zona restringida, podrán adquirir la propiedad de dichos bienes".
Interesting read Jim, thanks I like the comments below - everyone complaining about 'invadors' and stuff - don't they realise it's the same as now, just without the paper needed.
Ah, but it would be without the yearly fee to the banks for doing nothing other than 'holding the paperwork'. I wonder if the bank interests would have any say. Will be interesting to see what happens.
Yep - will definitley be interesting - you'd hopefully think that the banks make enough money from their 12% mortgage rates and 60% credit card rates to mind to much - wishfull thinking!
And The Garcia Zalvidea that is in the national Congress signed it and then told them to take his name off of the bill since he didn't really read it and it would probably imperil the national sovereignty of Mexico to have foreigners owning property in the restricted area. A little paranoid probably but after you lose things like Texas and California and live next door to Big Brother I guess you might get that way. But then you can always nationalize whatever you think might threaten national security or that just looks like something you might want or need. I think that if PAN and PRI agree on it, it will happen even without the disorganized and even more paranoid leftist, populist PRD.
The more interesting question is WHY would they all of a sudden want to change that law? In other words what foreign influence is making it worth their while to push through the change? I can't see any benefit to Mexico if the law changes. One could perhaps suggest that it would encourage more investment, but I doubt that argument is valid since there is already a (profitable) process (fideicomiso) in place that allows foreigners to have nearly the same rights as direct owners for business or residence. If it does go though I wonder what sorts of tricks the banks will do to keep current fideicomiso holders from getting out....
fideicomiso I hope they do away with this law. I think it will be a good thing for Mexico if they do:icon_rolleyes:, although I think property values will go up, a good thing if you own property in mex. Speaking of, I saw a property listed on the internet in the $3o’s in Puerto Morelos. What do you think are they worth buying? Or can I find a fixer upper for that amount in Cancan? It seemed very affordable to me, but I haven’t been to Puerto Morelos, so I don’t know if it’s worth buying, will property values rise in that area. ???:icon_rolleyes:
The only thing you're going to find in PM in that range is on the "wrong side of the tracks". Everything East of the interstate is well above that price so far as I know. But yes, I do think that PM prices will get even higher once Playa reaches saturation.
Like Life I wonder what it in this for Mexico? It's not like foreign interests don't effectively own property all up and down the beaches already. Now foreigners can own property with a Fideicomiso, even if they don't have an FM2 or FM3 here. Seems to me that perhaps doing away with the Fideicomiso but requiring foreigners to register with INM would make some sense. If people are going to own property here then maybe they should be in the system here.
We have to remember that foreigners can already own property outright without a fideicomiso in Mexico already. Just not within 50 kilometers of the coast or a hundred kilometers from any border or vice versa. Making it easier would encourage more people to buy property in Mexico for retirement for example. Including "mining and water rights" in the deal makes me think of a roundabout way of privatizing certain currently government-monopolized industries or at least permitting competition. For example, right now you could be fined for drilling a well since water rights are owned by the government and concessioned. And then there is always the thing about more homeowners-more taxes and my guess is that foreign homeowners pay more on time taxes than Mexican citizens percentage wise. I can see a lot of reasons to do it. Did I get anyone else thinking of other reasons?
