Souce:Xinhua Publish By Jane B. Hatcher Updated 24/04/2013
MEXICO CITY, April 23 — Mexico’s lower house Tuesday approved constitutional amendments that would pave the way for foreigners to directly buy land in border or coastal areas for personal use.
The Chamber of Deputies issued a statement saying the legislative body voted to lift the restriction on real estate purchased in the so-called restricted zone, within 100 km of the borders and 50 km of the coasts.
Deputies approved the amendments with 356 votes in favor, 119 against and two abstentions. Yet the amendments still need to be approved by the Senate to become law.
Foreigners have had to make such purchases through a bank trust for years in Mexico, according to the constitutional amendments.
Manlio Fabio Beltrones, a deputy of the ruling Institutional Revolutionary Party (PRI) which proposed the amendments, said, “For historical reasons, it was considered risky to allow foreigners to permanently settle along the coasts and borders.”
Raul Paz, a deputy of the conservative National Action Party (PAN), said the amendments will allow Mexico to take another step towards consolidating its position as a leading tourism destination, not just for ordinary visitors but also for retired foreign citizens.
The amendments, Paz explained, would mend the current loopholes “that allow foreigners to purchase properties in restricted zones through trusts, companies or other legal tricks.”
The Chamber of Deputies issued a statement saying the legislative body voted to lift the restriction on real estate purchased in the so-called restricted zone, within 100 km of the borders and 50 km of the coasts.
Deputies approved the amendments with 356 votes in favor, 119 against and two abstentions. Yet the amendments still need to be approved by the Senate to become law.
Foreigners have had to make such purchases through a bank trust for years in Mexico, according to the constitutional amendments.
Manlio Fabio Beltrones, a deputy of the ruling Institutional Revolutionary Party (PRI) which proposed the amendments, said, “For historical reasons, it was considered risky to allow foreigners to permanently settle along the coasts and borders.”
Raul Paz, a deputy of the conservative National Action Party (PAN), said the amendments will allow Mexico to take another step towards consolidating its position as a leading tourism destination, not just for ordinary visitors but also for retired foreign citizens.
The amendments, Paz explained, would mend the current loopholes “that allow foreigners to purchase properties in restricted zones through trusts, companies or other legal tricks.”
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