As it stands now, Americans and other foreign investors who want to buy vacation homes in Mexico must enter into trusts called “fideicomisos” with Mexican banks, which hold the title to the property, the Los Angeles Times reports.
Supporters say lifting the ban — which, as a constitutional amendment will require the approval of not only Mexico’s Congress, but a majority of state legislatures — will revive foreign investment, which has suffered because of battles between drug cartels and the global recession.
Senior Director, Coldwell Banker New Homes Division
With over 200 condominium, townhome and loft projects successfully marketed
“Fewer properties for sale with such remarkably low interest rates make it a great time to sell but a more difficult time to buy”