Owning land in Cozumel
Lobbyists Seek To Reform Constitution for Foreigners to Acquire Coastal Lands
Mexican lobbyists are seeking to repeal the 1824 Ley de Colonización, (or Homestead Act in English) that prohibits foreigners from owning Mexican coastal lands for personal or non-commercial use. During the 13th National Forum for Tourism, proponents cited several reasons as to why this act should be repealed including: the current peso-dollar exchange rate, the number of US citizens seeking to retire elsewhere, medical tourism and the over 50,000 fideicomisos currently in existence.
Romarico Arroyo, a former Mexican Secretary of Agriculture, and advocate for the repeal, also referenced Mexico’s number 3 position in the top 10 most attractive countries for US Retirees, and additionally illustrated his point by alluding to Ecuador’s $4M Superbowl spot, geared toward Us Retirees.
Although this nearly 200 year old law has been modified, it has yet to be revoked.
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