Mike Madriaga 12:40 p.m., May 25
Mexican government working to allow foreign ownership of beach property
Amendment to Mexican Constitution hopes to bring in more international investments
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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