Change in Mexican Real Estate Laws?


A reader writes:

I read that the Mexican camara de diputados approved a bill in April ’13 that would amend the constitution to allow foreigners to own land along the coasts. I haven’t heard anything since. Do you have info on this issue or a link to a site that might?”

To my understanding the bill passed in the chamber of deputies, but the senate has not yet approved it. The bill would amend real estate laws so that foreigners who want to buy coastal property would no longer have to set up a bank trust or find a silent Mexican partner. At the Christian Science Monitor Tim McClatchy writes,

“The proposed amendment to the Mexican Constitution sailed through the Chamber of Deputies on a 356-119 vote April 23, and is now before the Senate.

But opponents are still rallying, charging in a petition campaign that the change may condemn Mexicans to saying goodbye to ocean views.”

The article was published on May 20, and I haven’t found any more recent news on the subject. Definitely worth reading for an unbiased report on the issue, including interesting background information.