What is Mexican Real Estate law and how does it relates to foreign investment in Sayulita?
Up until 1973, foreigners could not own land in Mexico within the “Restricted Zone.” This was dictated by article 27 of the Mexican Constitution which states that “in a zone of 100 km. (62 miles) along any border or 50 km. (31 miles) along the coast, foreign entities cannot acquire direct ownership of the land and waters.” The Mexican government realized that foreign interest in Mexican land could potentially have a positive impact on the economy, and began to implement a series of Foreign Investment Laws in 1973. These were modified in 1989 and modified again in December of 1993 to incorporate the provisions of the NAFTA treaty.
