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

Villa Alegria by Plinio Rivero

Villa Alegria 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

Cámara de Diputados aprueban reformas al Articulo 27

Por Plinio Rivero Lavin

La Cámara de Diputados aprobó el día de hoy, las reformas para permitir que extranjeros puedan adquirir  propiedades para VIVIENDA, en zonas fronterizas y litorales de playa, con esta iniciativa, se modificara el articulo 27 de la constitución política, y modifica la prohibición de adquirir el dominio directo de inmuebles en una franja de 100 KM de la frontera y 50 Km de la franja costera por parte de extranjeros, el cual se venia haciendo a través de la figura del “Fideicomiso bancario”.  esta posibilidad quedara disponible, siempre y cuando los extranjeros hagan uso residencial de la propiedad. los usos que de suelo que no se contemplan dentro de esta iniciativa de ley, son: uso comercial, agrícola, industrial, o cualquier otra forma de explotación económica directa o indirecta.

Esta oportunidad de adquirir propiedad por parte de extranjeros de manera “directa” ya que contaran  con la certidumbre jurídica de ser los dueños legítimos de la propiedad.

El siguiente paso ahora es de que la ley se apruebe en el Senado de la República, y se definan los pasos legales a seguir para llevar al cabo la aplicación de este beneficio de la ley con los extranjeros que actualmente cuentan con propiedades en estas zonas a través de un fideicomiso bancario.

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Architect, fotographer, golfer and enthusiastic promoter of Puerto Peñasco!

2 Comments

  1. Martina Contreras

    April 25, 2013 at 6:17 am

    Interesting, but I think there is more to it….. usually the properties that are held in trust are being put for rent, so most likely there will be an ammendment to the tax law as well, or foreigners will be audited???? Definetely, there must be more to it….

    • Plinio Rivero

      May 6, 2013 at 11:33 pm

      The law modification it would only apply for residential use, renting your property is commercial use of it, so definitely you would still require the bank trust figure, as well as a TAX registration to comply with all the obligations.
      it’s very easy, only residential use.

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