Mexico, to Attract US Retirees, May Ease Limits on Landownership Tim Johnson - McClatchy Newspapers
go to original May 10, 2013

MEXICO CITY - Mexican legislators, seeking to make their country more attractive to U.S. retirees, may soon lift a major impediment for foreigners who want to own a piece of Mexico’s Pacific or Caribbean coasts.

For the first time in nearly a century, lawmakers are moving to allow non-Mexicans to buy coastal real estate and hold the deeds to it, without having to set up bank trusts or find silent Mexican partners.

Proponents of the change say it pushes Mexico toward the modern era, and is a sign of ebbing nationalism under President Enrique Pena Nieto. They say it will help Mexico compete with Southern U.S. states and tropical Central America for U.S. retirees seeking spots in the sun and by the sea.

The proposed amendment to the Mexican Constitution sailed through the Chamber of Deputies on a 356-119 vote April 23, and is now before the Senate.

But opponents are still rallying, charging in a petition campaign that the change may condemn Mexicans to saying goodbye to ocean views.

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