In May of 2013, the
Mexican Chamber of Deputies (the lower house), approved legislation
which would have amended the Mexican Constitution to permit foreigners
to purchase property outright in Mexico’s Restricted Zone which is 100
kilometers (62 miles) from the borders of the United States, Belize and
Guatemala, and 50 kilometers (31 miles) from the coastlines of Mexico.
Effectively this would have meant doing away with the Mexican bank trust, known as the fideicomiso.
This initiative has been rejected, according to a report from the Secretary of Government. (SEGOB)
Rejection of the proposed
amendment is the result of not continuing with the amendment procedure
within the time frame permitted under Article 89, number 2, Section III
of the Rules of the Chamber of Deputies.
Mexico’s Chamber of Deputies (similar to the U.S. House of Representatives)
The result is that
foreigners purchasing property in the Restricted Zone must continue to
obtain titles using the bank trust system, the fideicomiso, initiated in 1972.
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