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An amendment to the Mexican Constitution, which has already been approved by the Chamber of Deputies, is currently in the hands of the Senate which could allow foreign ownership of beachfront property. Legislators are hoping to draw in more international dollars by lifting the ban on foreigners owning property within 50km (31 miles) of the coast or within 100km (62 miles) of an international border.

Foreigners are currently able to purchase coastal property by using a third-party Mexican bank as a trustee. Fees and the current regulations have turned away potential international buyers for some time.

If the amendment is approved, which could take another six months before it is final, the change would only apply for residential property. Commercial development would still be off limits.

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Comments

PowayJunkMan May 13, 2013 @ 3:10 p.m.

You write: "Legislators are hoping to draw in more international dollars" and I would suppose so.

Other than the craven nature of always wanting more, aren't there also some really practical reasons to amend the Constitution on this ban?

And....I'm sorry to have to say this, what with Americans so sensitive to the greatest country and all...doesn't it show Mexicans in a positive light? Willing to change their Constitution to adapt to current situations? (oww...had to hurt!!)

Most of the big beachfront retirement properties are already protected by US title companies and title is not an issue.

It happens I "own" a Baja property about a mile from the ocean. I'm delighted at the prospect of a clear or at least better title. I do not resent for an instant the improvements.

The original purpose for the ban was to protect Mexico from foreign invaders as the country had recently been invaded by several European countries.

Thanks for bringing attention to this wonderful change in Mexican law.

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