On July 12 of 2013 our Notary officer, Jorge A. Careaga, presented to the Asociacion Mexicana de Profesionales Inmobiliarios (AMPI – Mexican Association of Real Estate Professionals) a discussion document under the subject title of: Modifications to Article 27 Constitutional regarding the acquisition of real estate inside the so called Restricted Area.
Attorney Careaga explained about the constitution of surface area rights, the consequences of acquisition of real estate by foreigners, making reference to the articles which support each one of them and explained the details on trust agreements on Restricted Area inasmuch as duration and extension, the purpose and also the conformation and modification of the Permit by Foreign Affairs.
Regarding the acquisition of usufruct, under this topic he offered his conclusion on its constitution inside and outside the restricted area and the impossibility by foreigners to acquire rustic property or land destined to farming purposes.
There are currently two opposing positions over the disappearance of the Restricted Area or else if this must be kept or modified. Particularly, Attorney Careaga voiced his point of view on its conservation.
With this possible reformation, the Restricted Zone will continue to be restricted, foreigners shall only be able to acquire for residential purposes, they shall not be able to acquire rights over Water, and they may not acquire real estate for commercial purposes.
About the Federal Act for the prevention and identification of operations with resources of illegal origin, Attorney Careaga spoke about notarial operations related to such Act and the sanctions that are to be imposed when breaching the filing of reports and information, typifying it as an offense to carry out forbidden operations by law and penalize the undue use of the reported information.