Thinking of Investing in Mexico? Check THIS news out!

Thanks to RockyPoint360.com for the article; reprinting it as reference, source credit is to their site.

If you have questions on how this recent change may benefit your real estate investment strategy, please contact me today, I'd love to help you buy in one of my favorite places! - James  @jamesmcrealtor

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Reforms to Bank Trust law should have tremendous impact for Puerto Peñasco!

April 23, 2013 | Filed under: News | Posted by: Plinio Rivero

Opportunity for foreigners to acquire property directly!  

By Architect Plinio Rivero Lavin

Today, April 23, 2013 the Mexican House of Representatives approved reforms that would allow foreigners to own RESIDENTIAL properties within border and coastal zones, thereby modifying Article 27 of the Mexican Constitution. This will impact the present prohibition of foreigners holding direct ownership of properties within an area of 100 KM from the border, and 50 KM from the coast, which up until now was only possible through a bank trust, or Fideicomiso. It was reported that the modification will be available provided that foreigners use the property ONLY for residential purposes. Other purposes not included within the reform include that of: commercial, agricultural, industrial, or any other form of direct or indirect economic use.  **Important to note: Currently, bank trust law is still in effect as this measure still has to be approved by the Senate and then passed by States in order to change article within Constitution: “The measure, which passed 356-119 in the Chamber of Deputies, still needs approval from the Senate and a majority of the country’s 32 state legislatures to become law.” AP Mexico 

While the opportunity for foreigners to acquire property directly will provide judicial certainty for property owners, the reforms now face approval from the Senate of the Republic, and defining of legal steps for application of the law for foreigners who already hold bank trusts to property within these zones, but definitely, these Reforms to Bank Trust law should have a tremendous impact on Rocky Point!

Translation: SKR

Taken from RockyPoint360.com April 25, 2013