Holiday Rentals News - Foreigners may be allowed to buy coastal land in Mexico

Foreigners may be allowed to buy coastal land in Mexico

Overseas nationals could be allowed to buy coastal land in Mexico for the first time. The Mexican government is considering changing the country's constitution to this effect.

At present, foreign nationals can only own property in Mexico through the 'fideicomiso', a document which remains in a trust's hands, explains Overseas Property Professional (OPP). The fideicomiso gives control of the property in all but name to the overseas investor. However, ownership of property within coastal and border zones is not permitted at all.

If the amendment to Mexico's constitution is passed, it will be "one of the most dramatic changes" regarding foreign ownership in the country, Brian Flock of real estate broker Flock Dream Homes (FDH) told OPP. "The current global economy and the importance of international tourism make such restrictions anachronistic and inhibitors to investment," said Flock.

Many in the business sector feel that the current constitution was harming the tourism industry by preventing its proper functioning, Flock added. It is not known when a decision on the amendment will be reached.

This story was brought to you by holidaylettings.co.uk, the UK's No.1 for holiday homes worldwide.

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