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None Mexicans being allowed to own oceanfront property?

In cooperation with: Visit Mexico
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Vancouver, Canada
posts: 1,298
reviews: 9
None Mexicans being allowed to own oceanfront property?

I heard that the Mexicans are changing the constitution to allow none Mexicans to own oceanfront property directly without needing a trustee bank.Have any of the people living in Los Cabos heard about this??I am looking at some property with a broker since after much advice from the folks here,it seems like a better way to go then buying a time share.Any thoughts on the choice of a small Pedregal CSL lot with a view as compared to a bigger ocean front lot but halfway to Todos Santos or La Paz.The realtor tells me the weather is better in Todos Santos.Any truth to this?Any advice would be appreciated,since this would be a lot bigger then buying a time share.The Realtor is nice but has a conflict of interest since He wants me to buy and will not give me anything negative

Queretaro, Mexico
Destination Expert
for Queretaro
posts: 12,669
reviews: 9
1. Re: None Mexicans being allowed to own oceanfront property?

I think that that change to the law will take a long time to go through.

San Diego...
posts: 1,541
reviews: 16
2. Re: None Mexicans being allowed to own oceanfront property?

Here are links to 3 articles I found. All written back in the Spring, so no updates since then.

…foxnews.com/latino/…

…go.com/ABC_Univision/…

icabo.com/cabo-news/345/buy-beachfront-prope…

Because a majority of the 37 States in Mexico must approve this change Mexico's Constitution, it may take awhile for this to happen. Plus the banks and lawyers are going to be dead set against this as it takes away a very lucrative income stream from them setting up and maintaining the current "trust" system. Bribes will obviously flow into legislators pockets to try and maintain the status quo. So we'll see what happens.

Midwest
posts: 562
reviews: 10
3. Re: None Mexicans being allowed to own oceanfront property?

I know you really liked Cabo--easy to do. I wouldn't jump into buying anything without spending more time there. Take a few trips to Cabo and tour. Why do you want to be in Cabo? If it is because you want everyday to be vacation and you like activity, you might want to be in town. If you like the laidbackness and want a quiet cove, San Jose or Todos Santos may be good for you. I think it was SJ who posted about almost buying and being very glad he didn't. Do you really want the obligation?

Lodi, California
Destination Expert
for Cabo San Lucas
posts: 21,863
reviews: 33
4. Re: None Mexicans being allowed to own oceanfront property?

As for buying, I can't speak to that, but the weather in TS is lovely! A bit more humid that Cabo, due to all the lushness (underground water there!) That area is sort of an oasis in the desert.....some absolutely beautiful areas there with some amazing homes! That said, I would definitely check San Jose-more to offer for grocery shopping, etc., and you might also look up the coast at East Cape/Los Barriles! It is growing, but still small and charming as well. Some lovely properties for sale up there-and if you were to want to explore that, there are usually people looking for house-sitters, so you could try that and see if you like it. Still a drive for large stores, but also closer to La Paz................

5. Re: None Mexicans being allowed to own oceanfront property?

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Seattle, Washington
posts: 1,313
reviews: 36
6. Re: None Mexicans being allowed to own oceanfront property?

The elimination of the Fideicomiso will take a long time, nothing seems to happen fast in Mexico. Your two locations you ask about are so completely different, which would lead me to suggest you spend more time in each before buying anything.

Vancouver BC
posts: 2,348
reviews: 2
7. Re: None Mexicans being allowed to own oceanfront property?

How many months a year will you be staying at your property? Are you extremely wealthy and the cost involved is not a factor? You have two teens, soon they will be 18 and they will probably want to stay at the Riu Santa Fe during their Spring Break. Isn't it more affordable just to vacation at a resort? What if you do buy and in a few years when your teens are older and busy, you want to sell but you can't find a buyer?

Just some things to think about.

Vancouver, Canada
posts: 1,298
reviews: 9
8. Re: None Mexicans being allowed to own oceanfront property?

Thats great to hear this from you guys.You make great points that I did not consider.The Real Estate Agent is totally silent and only says the good side.Thanks Fsmdude bwask Travel Judy Kat D and Midwest

Vancouver, Canada
posts: 1,298
reviews: 9
9. Re: None Mexicans being allowed to own oceanfront property?

Also SD Padre fan Thanks

rincon de...
Destination Expert
for Rincon de Guayabitos
posts: 1,795
reviews: 3
10. Re: None Mexicans being allowed to own oceanfront property?

SD Padre fan, just to set the record straight there are 31 Mexican states not 37.........suerte