Re: The end of fideicomisos?
Thank you Sylvia, |
The reason I asked was due to the many times over the past years that
similar rumors have circulated and I was thinking that the link would
be from 2009 or something. But this is a current story and the bill
to change the Constitution has been introduced.
Here is the original article from Milenio
translated version here
In the top real estate article you linked to the author Thomas Lloyd states
"Mexico’s constitution, adopted in 1917, a time of great instability and
upheaval, prohibits foreign ownership of property within 30 miles of the
coast or 60 miles of an international border".
One of the main reasons that is part of the Constitution is it
was part of the land reform Emiliano Zapata fought so hard for, to get
Mexico back into the hands of the people. Huge Haciendas (mostly
Spanish owned) covered vast areas including much of the coast of Mexico.
Thomas then states "By the second half of the century, the reasons
for this law had disappeared......"
Mid 60's that was a pretty true statement, now it is not. The Spanish Hacienda's
have been replaced by Mexican and foreign investments which have
resulted in a repeat of the conditions that existed before the
revolution i.e Mexico not available to the public. 33 out of 36
beaches in La Huerta are privatized and that is before they change the
Thomas also says "Instead of going through the trouble of changing
the constitution...." it was not the trouble of changing the constitution
it was the fact that the people of Mexico would never have let them
change the constitution and it remains to be seen if the memory of the
past (and current) has faded enough to allow the change now.
I think the elimination of fideicomiso would be good for real estate
but am concerned about the effects it would have on beach access and use.
The people of Mexico are sleeping now, once again their coast is being
controlled by "others" who's self interest is excluding them.
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