Foreigners would be able to buy property in coastal regions. (townhouses, buying)

[Travelling fella]

Senators from the PRI proposed that foreigners are able to buy properties in beaches and borders, actually law impedes these transactions.

Mexico City (Notimex) The Revolutionary Institutional Party (PRI) proposed in the senate to reform article 27 so that foreigners are able to buy property for their own and exclusive use as homes, in borders and beaches in Mexico.

While presenting the proposal, senator Mario López Valdez said that the carta magna prohibits foreigners to have the direct domain of land in a radius of 31 miles near the coastal line and 62 miles near borders.

Prohibition was adopted in 1917 because Mexico had suffered several foreign invasions, but today everything is different and this hinders the development of the tourism sector, besides being contrary to what is currently happening in practice.

López Valdez stated that the constitutional ordainment doesn't impede foreigners to invest or obtain a permit granting the use of real state in national beaches or near the border using a resource known as fideicomiso.

Another popular mechanism used to circumvent these restrictions is the time share scheme, where properties are maintained by a touristic developer and the buyer has the right to use the facilities for certain time, when this time ends the rights return to the developer, he pointed.

Sinaloa's legislator pointed that during 2007 there were 4 million people with a vacational property, of these 69.8% were owned by foreigners and 30.2% by mexicans, the estimated value of these assets is about 4,670 millions of dollars.

During the past year, 48% of the sector's investment came from abroad (more than 2,200 million dollars) and the big majority of this amount comes from the united states with 46.59% of the total past year foreign investment he affirmed.

PRI's senator said that because of this they are planing that persons (not corporations or firms) are able to buy property in Mexican beaches, only and exclusively to be used as homes and without commercial ends, in order to protect sovereignity.

Mexico has about 6,835 miles of coastline and has the 12th place of coastal lenght in the world, so if the reform was approved it would be an strong incentive for foreigners to invest in these places, with broad benefits for the population, he added. The initiative of reforms to article 27 of the political constitution was turned to the senate's comissions for it's analysis and debate.

translated from: Extranjeros podrían comprar en playas - Actualidad - CNNExpansion.com

[malamute]

So how do the people of Mexico feel about that? Do they want foreigners buying up the prime land or do they prefer their laws that provide protection for the Mexicans and their own advantage to buy that land in the country that's theirs?

[Travelling fella]

Originally Posted by malamute

So how do the people of Mexico feel about that? Do they want foreigners buying up the prime land or do they prefer their laws that provide protection for the Mexicans and their own advantage to buy that land in the country that's theirs?

I can't speak for the entire population of this country, but I don't mind IF other countries allow Mexicans to do the same, otherwise I believe it is unfair.

Maybe it is because I'm very liberal, or maybe it is because my job implies travelling and because of this and the fact I like to assimilate and be part of the place I'm visiting/living. I've developed a global consciousness, because of this I don't believe Mexico's mine, and actually I believe it is unfair that we should have more rights just because we were born here and that people who thinks in that way is either very selfish, or an slave of nationalism. I believe that there is a connection between every human being regardless of their place of origin, so I don't fear or feel uneasy with people that has a different culture than mine, quite the opposite, meeting people from other countries always sparks interest in me, I learnt other languages because of this reason, also I have to say that because of this, my "culture" is different from that of a typical Mexican, because I've picked bits of the culture of countries where I've lived, specially Brazil that left her mark on me forever, also America, as you should have already noticed hehehe, people there (in Brazil) are very receptive too, and I'd say that is one of the least xenophobic countries in the world, even though as we all know it is illegal to just arrive to a country and settle, most people in Brazil don't view illegal immigrants as criminals, I met a dj from South Africa in Sao paulo that has 5 years living in Brazil, immigration authorities asked for his passport in Santa Catarina, and when they saw it they told him, hey this passport expired 3 years ago! you've been a long time in this country illegally, the law states that we'd have to arrest you, but....we'll let you go, just stay out of trouble ok?

When I visited the triple border between Brazil, Argentina and Paraguay I was shocked, because I just had the experience of the Mexico/US border, where they check you thoroughly, ask you lots of questions, and crossing to the US is a hassle. in the triple border nobody asks you anything, you just cross and voila! you are in another country, yet you supposedly have to go to the immigration office and ask for your entry card, but nobody's checking you out.

So returning to the OP, I would love to see more flexible and open laws regarding immigration, or the adquisition of property in this country, and I would love that other countries followed the same example, maybe i'm dreaming but I'd also love that the entire world gave up that me, mine mindset, and there were less or no restrictions between different countries.

For me the idea of controlling borders or believing we should have more rights because we were born here, is something unatural and not very bright in my opinion, but i'm not the holder of absolute truth, it's just the way I view things hehe.

"Love is the Light that dissolves all walls between souls, families and nations."

Paramahansa Yogananda

[el_inombrable]

If this law passes, you could buy properties near the beach, but the beach instead remains property of the nation...

Regards...

[malamute]

Originally Posted by el_inombrable

If this law passes, you could buy properties near the beach, but the beach instead remains property of the nation...

Regards...

Well... how do you feel about it? Do you prefer the old way where Mexicans had dibs on the prime real estate? What happens when people use their American dollars to buy up Mexico, having the advantage over Mexicans because of the wage discrepancies?

[SarahSal]

Although we're US citizens, we own coastal property (a small condo) through a trust with a Mexican Bank. That's the way it is currently done. We have a title, held by the bank, which can be renewed by us or our heirs after the 50 year term. I think there is nothing wrong with this approach - because although we have title - it is not our's automatically *forever*. I, too, would hate to see Mexicans disenfranchised by more well-to-do foreigners - so think there is no reason to change this method. There are also MANY wealthy Mexicans who own coastal property - and own it outright. Although I respect and admire Travelling Fella's magnanimous 'no borders' views, unless the entire planet adopted this approach, I think a country should wisely maintain autonomy over one of its most valuable resources - its coast's.

Thirty miles from Mexico's coasts, I believe, foreigners can own property outright.

[el_inombrable]

Originally Posted by malamute

Well... how do you feel about it? Do you prefer the old way where Mexicans had dibs on the prime real estate? What happens when people use their American dollars to buy up Mexico, having the advantage over Mexicans because of the wage discrepancies?

I dont care really is not like as all the beaches of all mexico will be property of americans.... jeje

[tijlover]

I wonder what the real reason is for the change. Perhaps Mexico looks across he border and can see that property values in the U.S. have fallen to the point where there are more real estate bargains in the U.S. than Mexico. Here, in Las Vegas, if you get on Realtor.com, you'll be amazed at the listings for condo's, townhouses and single family houses between $25k and $40k. And similar bargains can be found in Arizona and elsewhere.

I recently sold a lot in Rosarito as I was tired of paying that $550 a year to the bank. I have often wondered where that money goes? If I knew the money went for furthur police protection, improving their infrastructure, I wouldn't have been so bothered paying it. But, from what I can tell, it just goes into the deep pockets of a banker and the community doesn't benefit from it. Yes?

[Houston3]

I'm not sure I would trust the Mexican government to not to decide ten years from now to take the property back...and give you nothing for it.

[el_inombrable]

mexico laws are not retroactive, if the government decided to expropriate the property on the beach would have to pay the value thereof to the owner, regardless of nationality.