This past April 23 the Chamber of Deputies approved the pronouncement of reform of article 27 of the Political Constitution, with the purpose of allowing foreigners to acquire residential property on the coast and borders, ona strip of 100 kilometers from the borders and 50 on the coasts, the so-called "Restricted Zone", provided that it will be used for residential purposes.
April, 2013.
This past April 23 the Chamber of Deputies approved the pronouncement of reform of article 27 of the Political Constitution, with the purpose of allowing foreigners to acquire residential property on the coast and borders, on a strip of 100 kilometers from the borders and 50 on the coasts, the so-called "Restricted Zone", provided that it will be used for residential purposes. The pronouncement explains that, historically, foreigners have been prohibited from acquiring land on the Restricted Zone; however, such prohibition has ceased to be necessary or practical.
The foreigners who acquire the ownership of lands and waters located in national territory will continue to do so under the prevention of the signing of an agreement before the Ministry of Foreign Relations, the so-called Calvo Clause. Such agreement establishes that the interested foreigners shall be considered nationals with respect to all the assets they acquire and renounce the invocation of the protection of their government in relation to such assets.
For more information please contact our team of experts, click here or email:
Javier Lizardi, Partner: jlizardi@vwys.com.mx