Costalegre Jalisco Mexico

Mexico Might Allow Foreign Ownership of Coastal Property

By Brian Flock

· The decree would allow foreigners direct ownership of "residential use" property in the so-called prohibited zone.

· Amendment could simplify and accelerate investment in tourist communities and beach areas.

A new constitutional amendment, proposed by Mexican Senator Mario López Valdez of the Institutional Revolutionary Party (PRI) on March 5, 2009, sets the stage for what could become one of the most dramatic changes in Mexico’s regulations on foreign real estate ownership and investment since the 1971 recognition of the “bank trust,” or fideicomiso.

The fideicomiso being a mechanism for foreigners to control coastal property, as the document gives the trust deed moral Mexican citizenship by law, and as such trust owners may hold the property to the sole benefit of the foreign beneficiary. Prior to 1971, foreigners were relegated to controlling real property through either leases or time-share clubs.

http://www.mexidata.info/id2182.html

Is this the same Mexican senator who owns huge amounts of costal land on the Baja peninsular? If it is then wouldn't this reform to the law be convenient to him.......