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The end of fideicomisos?

Posted by Sylvia on April 5, 2013, 12:38 pm
24.113.221.229

PRI & PAN moving to get rid of "fideicomisos" or Land held in "Bank Trusts."

Ana Hernandez / SIPSE
Merida, Yucatan. - To generate a multiplier effect on the economy through a direct sale of properties to foreigners, federal deputies of the PRI and the PAN pushing a constitutional amendment repealing the trust concept and intermediaries.

PAN deputy Merida, Yucatan, Raul Paz Alonzo, and deputies Manlio Fabio Beltrones and Gloria Elizabeth Nunez, the PRI, presented to the House the proposal was accepted by legislators from various political groups.

In an interview, Alonzo Paz stated that seeks to eliminate these two figures that condition to foreigners acquiring property in the country because only generate profits for banks and people who know the ins and outs of the law, but in the business transaction is restricted the gain of the seller and the buyer are not certain of the acquisition.

Yucatan, he said, is one of the attractions for foreigners getting ready to retire and want to live in quiet and safe, "so I believe that these reforms will help detonate the economy in the country."

He indicated that the initiative directly benefits the economy of municipalities as Progreso, Merida and tzimin, and generally of the Yucatan Peninsula, because it removes the prohibition for foreigners to purchase property in a stretch of 50 miles from a beach.

This action, he said, could only be done through the creation of a trust, which meant high costs, bureaucratic mazes and economic losses for Mexican developers and owners who wanted to sell their property, but especially discouraged investment, not allowed to trigger local development through the economic flow that foreigners leave behind their stay in our country.

Congressman Raul Paz Alonzo said that according to the International magazine "Living", which produces the "Annual Retirement Index", our nation is ranked as the third best destination for retirees, which places us in a unique position for investment .

According to the Census Bureau of the United States, in this country there are 43 million people over 65 years, and it is estimated that by 2030 this segment of the population to rise to 76 million.

According to the National Association of Real Estate (NAR, for its acronym in English), these people are proportionately more active in the second home market, they are owners of 57% or fractional vacation homes and 58% ownership in or rental income, with Mexico as the premier destination for purchasing a second home vacation retreat intended.

The initiative responds to yesterday filed a claim for Mexican entrepreneurs and real estate developers, as well as hundreds of foreign residents who have made Yucatan, and other states, his second home, and whose stay in Mexico generates about 9% of GDP national and more than 9.5 million jobs.
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