Mexico may lift ban on foreign ownership of homes in coastal, border zones

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Mexican lawmakers are considering lifting a ban on ownership of residential property in a restricted zone that extends 31 miles inland from the coast and 62 miles from the country’s borders.

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. Source: latimes.com