By Narayan Ammachchi
Mexican lawmakers seem set to lift a longstanding ban on foreigners directly purchasing real estate in the coastal and border regions of the country. The country’s legislative body in Mexico City last week voted in favor of lifting the ban. However, the amendment bill needs to be passed through the Senate to become law.
Many attempts have been made in the eliminate the ban, but the Senate has thwarted previous attempts. But this time, analysts say, the Senate will certainly approve the proposal because it has been put forward by one of the country’s most influential politicians Manlio Fabio Beltrones, a deputy of the ruling Institutional Revolutionary Party (PRI).
Despite the ban, many foreigners have already purchased lands in these areas of Mexico having formed bank trusts. If the ban is lifted, foreigners will be able to have full rights to purchase property along the coastline.
Some farmers’ groups have already opposed the plans to lift the ban, saying such a move will make way for foreigners to ‘colonize’ their country once again. But the Mexico’s reform-friendly government favors lifting of the ban because it believes such a move would bring expanded foreign investment into the country.