End of the need for the Mexican real estate trust?

From The News:

A new proposal in the Senate would lift rules that prohibit foreigners from buying property in the nation’s coastal and border regions.

The bill, sponsored by Sen. Mario López Valdez of the Institutional Revolutionary Party, or PRI, aims to boost foreign investment by scrapping constitutional prohibitions against non-Mexicans owning property within 50 kilometers of a coastline and 100 kilometers of the border.

López Valdez’s proposal would allow foreigners to own residential properties, but not commercial developments.

The proposal reflects both a changing attitude toward foreign investment in Mexico and the growing impact of non-Mexicans on the domestic economy. So-called “gringo colonies,” populated largely by U.S. retirees, have sprung up in areas such as Puerto Vallarta, Jalisco, and San Miguel de Allende, Guanajuato.

But while expats have been free to purchase homes in inland cities such as San Miguel, they have had to work around the law in costal areas such as Puerto Vallarta by purchasing property through a bank trust.

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