Foreign Trusts

About Us Forums Ask Ines Mexican Law Foreign Trusts

This topic contains 4 replies, has 4 voices, and was last updated by  afelix 4 years, 4 months ago.

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  • #1406

    afelix
    Participant

    Hi Ines – there are many documents floating around the local forums about a piece of legislation that is being/has been introduced into the Mexican Legislature allowing foreigners to own coastal property outright without a bank trust.  Some say it has already passed, some it will pass soon but will take years to implement – what is the real story?

    Thanks,

    Annette

    #1409

    thomas
    Participant

    It is my understanding after speaking with a lawyer in Mexico DF, that it hasn’t passed yet. Has only been suggested (once again) but has many powerful backers. If and when it passes, it will still be some time before it can be implemented, due to the fact that the Mexican Constitution will need to be changed. BUT, only after it has been ratified by many of the states, and both houses, and signed by the president. Nothing happens very quickly in Mexico. Everything must go through the appropriate channels, and there are many here.

    #1413

    admin
    Keymaster

    Yes it does not surprise me that you would here something like that. It sounds like a typical VivaSanCarlos post. I can imagine several corrupt realtors would hate to see that go since improper registration of bank trusts have been long been used here in San Carlos to steal properties from unsuspecting owners.

    We will look into that tomorrow and give you an update, it might even be worth writing a column on it since it truly would be a revolutionary change for real estate development.

    #1420

    ines
    Keymaster

    Annette I have spoken with several lawyers and spent some time online looking into this. What has been posted on the vivasancarlos board is a not true. This is an initiative started by several politicians. It  has not been voted on and has not been approved. Vince has created a post on this at the following link, http://sancarlos.tv/carmen-ordaz-posts-blatant-lie-on-viva-san-carlos-board/

    Thanks for your question, Ines

     

    #1425

    afelix
    Participant

    Thanks for the real story, Ines.  I will pass along the link to my other San Carlos friends.

     

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