The bench tricolor asked constitutional reform of Article 27 for such purpose; almost 70% of vacation property owners are foreigner. Notimex |  |
The bench tricolor asked to request the amendment of article 27, so that foreigners can buy property for self use and exclusive residential property and beaches on the borders of Mexico.
In introducing the proposal, Senator Mario Lopez Valdez said that the Constitution prohibits foreigners from acquiring the direct domain of land in a 50-kilometer strip of beach and 100 kilometers along the borders.
The ban was adopted in 1917 because Mexico had suffered several foreign invasions, but today everything is different and this prevents the proper functioning of the tourism sector, in addition to lacking adherence to local practice, he said.
Lopez Valdez said that the Constitution does not prevent foreign investment or obtain the use or utilization of real estate on beaches in the national border or through trusts.
Another mechanism is the time share, which properties are maintained by a tourism development and the buyer has the right to use the premises for some time, and after returning the rights to the developer, he said.
The legislator of Sinaloa noted that in 2007 there were four million 300 thousand people with a vacation property, of which 69.8 percent were foreign and 30.2 percent Mexican, with an economic income of 4.67 billion dollars.
In addition, in 2008, 48 percent of sector investment came from abroad (more than two thousand 200 million dollars), and Americans are the largest capital, with 46.59 percent of total foreign investment last year, he said.
The senator of the Partido Revolucionario Institucional (PRI) said that it is proposed that foreign individuals can purchase no moral properties on Mexican beaches for the exclusive use of single-room house, non-commercial, without prejudicing the sovereignty.
Mexico has 11 thousand kilometers of shoreline and holds the 12th place worldwide in coastal length, which adopted the reform, will be a strong incentive for foreigners to invest in these places, with large benefits for the people, he added.
The initiative to reform Article 27 of the Constitution was in turn in the Senate committees for review and dictaminación.
