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Aaron+

Apr 4, 2013, 7:29 AM

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Land ownership: No more need for a fideicomiso?

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Allow foreigners to purchase, directly, land within 50km of the coast and national frontiers, etc.? Milenio (Mérida edition) for April 4 reports that 3 Yucatecan members of the Camara de Diputados have proposed that constitutional change, Raúl Paz Alonso (PAN), Manlio Fabio Beltrones (PRI) and Gloria Elizabeth Nuñez (PRI). Milenio finds the proposal well received by different groups within the Chamber.


Interviewed, Paz Alonso noted that the present fideicomiso system adds costs -- beneficial only to the banks -- and red tape complicating land sales to foreigners, which may result in less demand and lower prices received by land owners. He cited the US International Living publication for seeing Mexico as the third most favored nation for US retirees seeking to live abroad. With 43 million US residents already over the age of 65, and the number rising to about 76 million by 2030, Mexico should be encouraging these folks to retire in Mexico. Already he cites that 57% of vacation homes are owned by foreignors (at least along the Yucatan state coast). Foreigners living in Mexico generate about 9% of the Gross National Product (PIB) of Mexico and about 9.5 million jobs.


For us expats, this would be great news. Those of us with fideicomisos pay about four or five thousand pesos annually to the bank holding the agreement, and have to deal with paperwork each year. Also, the good old US Treasury requires us to report the value of such property held in fideicomisos as if they all represented investments.


For those of us with spouses holding Mexican citizenship, many of us hold the property in the name of our Mexican spouse, which greatly complicates issues should the spouse's death precede ours (or if there is a divorce). It may diminish the number of expats seeking Mexican citizenship.


Before we break out the tequila, take note that this is just a proposal right now. While it is encouraging that its support is not limited to a single party, even if passed today by both chambers (which is not the case) and signed by the president, it could easily take a year or so for any constitutional amendment to take effect.


(This post was edited by Aaron+ on Apr 4, 2013, 9:34 AM)



bournemouth

Apr 4, 2013, 7:55 AM

Post #2 of 12 (3731 views)

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Re: [Aaron+] Land ownership: No more need for a fideicomisio?

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Aaron - do you possibly have a link to that article? Manlio Fabio Beltrones is from Sonora and is, I think, the head of PRI in the chamber so if he is part of the proposal, it seems to me that it has more impact than a proposal from 3 members from the Yucatan - I'm not meaning to diminish the import of the Yucatecans - but Beltrones has clout.


Aaron+

Apr 4, 2013, 9:29 AM

Post #3 of 12 (3684 views)

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Re: [bournemouth] Land ownership: No more need for a fideicomisio?

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The www.milenionovedades.com website does not yet have all of today´s articles. Given the likely high interest in the news, I have tried to scan and copy the article here from p. 13. There may still be some typos:


Quote

Impulsan la derogación de las figuras de fideicomiso e intermediario para la venta de terrenos


Facilitan compra a extranjeros


Diputados del PRI y del PAN presentan propuesta al Pleno que elimina la prohibición para los foráneos de adquirir un inmueble en una franja de 50 kilómetros en la zona de playas


Ana Hernández/Mérida


Para generar un efecto multiplicador de la economía a través de una venta directa de inmuebles a extranjeros, diputados federales del PRI y el PAN impulsan una
reforma Constitucional que deroga la figura de fideicomisos e intermediarios.


El diputado del PAN por Mérida, Yucatán, Raúl Paz Alonzo,
y los diputados Manlio Fabio Beltrones y Gloria Elizabeth
Nriflez, del PRI, presentaron ante el Pleno la propuesta que
fue aceptada por legisladores de diversos grupos parlamentarios.


En entrevista, Paz Alonzo declar6 que se busca eliminar
esas dos figuras que condicionan a los extranjeros la adquisición
de inmuebles en el país, porque sólo generan ganancias para los
bancos y personas que conocen los recovecos de la ley, pero
en la transacción comercial se restringe la ganancia del
vendedor y el comprador no tiene la certeza de la adquisici6n.
Yucatán, dijo, es uno de los puntos de interés para los extranjeros
que están por jubilarse y quieren residir en sitios tranquilos y seguros,
"por lo que considero que estas reformas ayudaran a detonar
la economía en el pala". Asimismo, indicó que la iniciativa
beneficia directamente la economía de municipios como
Progreso, Mérida y Tzimín, y en general de la Península
de Yucatán, porque elimina la prohibición para los extranjeros
de adquirir un bien inmobiliaria en una franja de
50 kilómetros de una playa. Esta acción, señaló, sólo se
podía realizar a través de la creación de un fideicomiso, lo
cual significaba altos costos, laberintos burocráticos,asf
como perdidas económicas para desarrolladores y propietarios
mexicanos, quienes pretendían vender sus bienes, pero sobretodo
desalentaba la inversión, lo que no permitía detonar el
desarrollo local a través de la derrama económica que los
extranjeros dejan a su paso en su estancia por nuestro país.


El diputado Raúl Paz Alonzo afirmó que de acuerdo con la
revista International "Living",la cual elabora el "Annual Retirement
Index", nuestra nación está calificada como el tercer
mejor destino para jubilados, lo que nos ubica en una posición
extraordinaria para la inversión. Según la oficina del Censo
de Estados Unidos, en ese país existen 43 millones de habitantes
mayores de 65 años, y se estima que para 2030 este segmento
de la población ascienda a76 millones. De acuerdo con la
Asociaci6n Nacional de Promotores Inmobiliarios (NAR,
por sus siglas en inglés), estas personas son proporcionalmente
mas activos en el mercado de segunda vivienda, pues son
propietarios del 57% de casas vacacionales o fraccionales y
58% de la propiedad en renta o alquiler, siendo México el
principal destino para adquirir una segunda vivienda destinada
al retiro vacacional.


La iniciativa presentada ayer responde a un reclamo de
empresarios y desarrolladores inmobiliarios mexicanos, así
como de cientos de habitantes extranjeros que han hecho de
Yucatán, y de otros estados, su segundo hogar, y cuya estada
le genera a México cerca del 9% del PIB nacional, así como más
de 9.5 millones de empleos. Finalmente, Paz Alonzo destacó
el consenso y la apertura política para trabajar a favor
de la inversión y el desarrollo inmobiliario en las playas
mexicanas.M


Quote



Aaron+

Apr 4, 2013, 9:33 AM

Post #4 of 12 (3683 views)

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Re: [Aaron+] Land ownership: No more need for a fideicomisio?

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Thanks, Bournemouth, for the correction regarding Beltrones. He is a big name, I should have caught that, but was caught up in the proposal. And to be correct, Sra Núnez is a representative from Nayarit, also not from Yucatán.


bournemouth

Apr 4, 2013, 10:22 AM

Post #5 of 12 (3658 views)

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Re: [Aaron+] Land ownership: No more need for a fideicomisio?

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All three from states with lots of fidiecomisos. This idea has come up several times over the years - but it is such a money maker for the banks who are the trustees that they will campaign against it, I'm sure.


Aaron+

Apr 4, 2013, 2:23 PM

Post #6 of 12 (3596 views)

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Re: [bournemouth] Land ownership: No more need for a fideicomisio?

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SIPSE has since posted their report at
http://sipse.com/...-la-playa-24473.html. Thanks to Yolisto´s Yolisto-Khaki for the link.

Yep, the banks are likely to put up a fierce fight. However, from Pres. Peña Nieto on down, there is a professed strong need to do more to promote economic development. Remittances are down, international tourism lagging (except at Cancun), and Pemex is literally leaking funds (internal and external thieves), etc., so whatever can give a kickstart to the economy should appeal to the political leadership.


viktoremski


Apr 4, 2013, 2:38 PM

Post #7 of 12 (3581 views)

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Re: [Aaron+] Land ownership: No more need for a fideicomisio?

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Let's hope for the best... The new president EPN seems to have pantalones, so he may actually win against the greedy banks.
Does anyone know if, according to current rules, fideicomiso is needed to buy an apartment in multi-unit building, and not land?


sparks


Apr 4, 2013, 3:09 PM

Post #8 of 12 (3562 views)

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Re: [viktoremski] Land ownership: No more need for a fideicomisio?

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>>>> fideicomisos e intermediarios.

I assume the latter is the equivalent of a Presta Nombre

Sparks Mexico Blog - Sparks Costalegre


viktoremski


Apr 4, 2013, 4:09 PM

Post #9 of 12 (3537 views)

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Re: [sparks] Land ownership: No more need for a fideicomisio?

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I think you misunderstood my question. Does the fideicomiso rule apply to buying land only, or does it apply to buying an apartment as well?


bournemouth

Apr 4, 2013, 4:31 PM

Post #10 of 12 (3527 views)

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Re: [viktoremski] Land ownership: No more need for a fideicomisio?

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Within the limits from the coast and other borders, it applies to any property you may buy, not just land.


chicois8

Apr 4, 2013, 4:40 PM

Post #11 of 12 (3521 views)

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Re: [bournemouth] Land ownership: No more need for a fideicomisio?

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In Reply To
Within the limits from the coast and other borders, it applies to any property you may buy, not just land.



What about a timeshare or fraction...
Rincon de Guayabitos,Nayarit
San Mateo, California


bournemouth

Apr 4, 2013, 6:14 PM

Post #12 of 12 (3508 views)

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Re: [chicois8] Land ownership: No more need for a fideicomisio?

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Not ever having owned a timeshare, I don't know but suspect they are fractions of a Mexican corporation, thus not needing to be held in a fidiecomiso. Perhaps a timeshare owner could tell us.
 
 
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