APRIL 21, 2013 Por Esto (not our favorite news source) offers some interesting updates on the Mexican Legislature’s actions on Fideicomisos: http://www.poresto.net/ver_nota.php?zona=qroo&idSeccion=15&idTitulo=237601 version off an El Universal report.
Google Translate Version:
“Beaches to the highest bidder
Foreigners can buy land on the beach, of an amendment to Article 27 of the Constitution to be voted on Tuesday in San Lazaro / Since its enactment in 1917, the Constitution prohibits foreigners to purchase property in a stretch of 50 kilometers on the coast
MEXICO CITY, April 20 (UNIVERSAL). – In a direct way, foreigners may own land on beaches housing exclusively for non-commercial purposes from a reform of Article 27 of the Constitution to be voted in San Lazaro this Tuesdays.
Since its enactment in 1917, the Constitution prohibits foreigners to purchase property in a stretch of 50 kilometers on the coast, and yet they have the soil domain through trusts.
The chairman of the Commission on Constitutional Chamber of Deputies, Julio Cesar Moreno, said that this change will end a practice of simulation.
Once you approve the reform will be fulfilled a brand of change to Article 27 of the Constitution, within 20 days from the filing of the initiative.
The change initiative is the Institutional Revolutionary Party (PRI) and the National Action Party (PAN), by Gloria Elizabeth Sanchez Nunez, Manlio Fabio Beltrones and Raul Paz Alonso, who argue that in practice foreigners are owners of land on the beach but not his name, but prestanombres or trusts.
The opinion notes that “foreigners do not affect in any way the sovereignty, territory and the legal rights that protect the state.”
The opinion recognizes, with the proponents, the aim of the initiative is to “eliminate the middleman: the houses realtors or builders listed as owners of the land, but sold the building to foreigners”.
This will “neutralize foreign restriction of not being able to own land, since legally abroad only owns the building” when in practice, it is also mourning the land.”
* * * * * * *
Feel free to copy while giving proper attribution: YucaLandia/Surviving Yucatan.
© Steven M. Fry
Read on, MacDuff.