Real Estate
The Foreign Investment Law of 1973 allows foreigners to purchase land within the borders and coasts of Mexico by way of a trust, handled through a Mexican bank (Fideicomiso). This trust assures to the buyer all the rights and privileges of ownership, and it can be sold, inherited, leased, or transferred at any time. Since 1994, the Foreign Investment Law stipulates that the Fideicomiso must be to a 50 year term, with the option to petition for a 50 year renewal at any time.
Any Mexican citizen buying a bank trust property has the option to either remain within the Trust or opt out of it and request the title in “Escritura”.
Mexico’s early history involved foreign invasions and the loss of vast amounts of land; in fear of history being repeated, the Mexican constitution established the concept of the “Restricted Zone”. In 1973, in order to bring in more foreign tourist investment, the Bank Trust of Fideicomiso was created, thus allowing non-Mexicans to own land without any constitutional amendment necessary. Since the law went into effect, it has undergone many modifications in order to make purchasing land in Mexico a safer investment.
Read more about this topic: Baja California, Economy
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