Oscar J. Franck Terrazas speaks before the Senate In behalf of the Amendments to Article 27 of the Mexican Constitution.
If approved, Foreigners would be able to own land straight out in the Coastal Areas of Mexico.
A much discussed subject, the Minute containing the reforms to Article 27 of the Mexican Constitution, if approved by the Senate, will change radically Land ownership within the 50 kilometer restricted area in Mexico, primarily throughout the Coastal areas, allowing foreigners to own land straight out, without needing to use a Trust or other schemes used today by foreigners to own land within this restricted areas, creating grey areas and some whose legality may be questionable.
Mr. Franck, who is the current president of ProMéxico´s Business Council, has been championing the Reform Initiative, being able to capture the backing of some of the most important Real Estate and Business Development organizations from the State of Baja California.
The general consensus among the real estate professionals and the Business Development Agencies of the States where important Tourist corridors exist, such as Tijuana-Rosarito-Ensenada, Los Cabos, Puerto Vallarta, Mazatlán, Manzanillo, Ixtapa, Cancún and various other coastal areas, that if such Reform passes, it would detonate a boom on the sales of real estate and a surge of foreign investment to develop new projects targeting Americans, Mexico-Americans and Canadians that would like to make Mexico their home, to retire or as a second home to vacation. Pricing for oceanfront residences in Baja are substantially lower that those found in California, making it financially feasible for many to acquire a premium located oceanfront home that otherwise would be out of their reach.
Mr. Franck Terrazas is the M.D. of IRV De Mexico and president of ProMéxico´s Business Council, Los Angeles, for the 2015-2016 term. Last November, a Delegation representing ProMéxico´s Business Council traveled to Mexico to meet with the Senate´s Commission of Constitutional Affairs, having Mr. Franck delivering the speech and supporting documents supporting the initiative. The session was chaired by the Senate´s President of the Commission of Constitutional Affairs, Senator Enrique Burgos García, who spoke deeply about the Reforms bill and proceeded to accept the documents presented by Mr. Franck.
The initiative to amend the Constitution´s Article 27 was approved by the Chamber of Deputies in 2013 and was send to the Senate where the Minute containing the initiative is waiting to be given the required priority to be included in the Senate´s discussions and vote. There are still some formalities to be complied with, including to submit a study that would support the many economic and social benefits and creation of jobs that this bill is supposed to generate, in a quantitative manner. This matter remains in the hands of the LXII Legislature of the Senate of the Republic.
