Time to change the Mexican Constitution?

The topic is coming up again, but this time its gaining a little more steam. There are now a few stories floating around regarding changing the constitution so foreigners can own property outright in Mexico. Good timing as well with last year’s news that all Americans have to claim with the IRS all trusts they have outside of the country. Since real estate along the coast of Mexico has to be in a bank trust, that meant a lot of Americans were supposed to file. But the law is not fair. If an American buys a home in Guadalajara, its outside of the zone and they can actually obtain title and do not need a trust. So they don’t have to file with the IRS. But someone buying in Puerto Vallarta, does. Doesn’t make sense. Perhaps finally changing the rule (Mexican can buy and obtain title in Canada and the USA!) will take care of this. And wasn’t this supposed to be done a long time ago, according to NAFTA?

This was posted on the International Living site:

A group of senators in Mexico’s Congress has proposed a measure that will make it easier for foreigners to invest in Mexico’s tourism sector, one of the country’s top sources of revenue and jobs. The measure may also simplify Mexico’s real estate laws, which confuse some foreigners and discourage them from buying there. The only catch: To achieve their goal the senators must change Mexico’s Constitution.

The proposal, now being reviewed in senate committees, would allow foreigners to buy real estate through direct deed anywhere in Mexico.

Read more…

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