2007-07-25 10:49:45 · 4 answers · asked by rgrandt 1 in Politics & Government ➔ Law & Ethics
Actually, Americans can and do own property outright in Mexico. The Mexican constitution, however, forbids foreigners from owning property on the coast. This is an old holdover from the days when national defense was a real issue.
Americans desiring to live on the coast may do so with a lease or a trust owned in fact by a Mexican concern. While you may own the home, a foreigner will never own the land.
2007-07-25 11:28:32 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I don't know if there is any specific Mexican or local laws on the subject, but, in general, citizens of one country can own property in another, assuming they comply with all the legal steps needed to acquire that property legally. Even if there are laws against direct ownership, there is almost always some way to get around them - like acquiring the property through a corporation, trust or some other legal scheme.
2007-07-25 10:58:22 · answer #2 · answered by B.Kevorkian 7 · 0⤊ 0⤋
Mexican property can not be owned by non citizens. When you "purchase" property in Mexico, you are buying a 99 year lease. There is no right to ownership. Is it legal? Of course it is. Every country has the right to determine how they define property ownership in a way to protect their borders and sovereignty. Every country but the US that is.
2007-07-25 10:58:01 · answer #3 · answered by Toodeemo 7 · 0⤊ 0⤋
You can buy it as just a citizen but the terms are not as good as if you form a Mexican corporation which you can easily do and there is lots of info on the net so check it out.
2007-07-25 10:55:16 · answer #4 · answered by Anonymous · 0⤊ 0⤋