Wednesday, May 8, 2013

Fwd: Regulation Changes for Foreigners Purchasing Land

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Regulation Changes for Foreigners Purchasing Land

The Brief Summary: 

Property ownership by foreigners near the border area has been a controversial issue for the most part of Mexico's recent history. Amid this ongoing controversy, the lower house of the Mexican congress voted on a measure that would make the current legislation on property ownership considerably more permissive. If the measure passes through Senate as well, it will be submitted to vote in the 32 states, and only after that it will be turned into law.

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Legislative Project to Abolish Fideicomiso Traslativo de Dominio (FTD) Contracts

The Legal Summary:

With time the nationalistic idea that if foreigners were to own real Rights within 100 kilometers from the borders and 50 kilometers from the coasts would put in danger the sovereignty of Mexico has been reduced thus a legislative project was presented to the Federal Congress to modify the Constitution so that foreigners can own real Rights anywhere on the territory.

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