Acquisition of Real Estate Property In restricted area in México
Property in México Article 27 of the Political Constitution of the United Mexican States. Ownership of lands and waters within the boundaries of national land territory is vested originally in the Nation, which has had and has, the right to transmit title thereof to private persons, thereby constituting private property.
Restricted Area The legal capacity to acquire domain over the Nation´s lands and waters shall be governed by the following provisions: I.- Only Mexicans by birth or naturalization and Mexican companies have the right to acquire domain over lands, waters and their appurtenances or to obtain mining or water exploration concessions. The State may grant the same right to foreigners, provided they agree before the Secretariat of Foreign Relations to consider themselves as nationals in respect to such property and not to invoke the protection of their governments in reference to said property, under penalty, in case of defaulting the agreement, of forfeiting in benefit of the Nation, the property acquired by virtue thereof. I no case may foreigners acquire direct domain over lands and waters in a zone of one hundred kilometers along the international borders and fifty kilometers along the shore.
Trust / Fideicomiso CONCEPT TRUST (FIDEICOMISO) is a legal entity that is defined and regulated in the General Law of Securities and Credit Operations; It mentions that under the trust a person named .... • Settlor enters into a contract with a fiduciary, to which he assigns assets or rights in favor of a trustee • Fiduciary acquires the ownership of the goods or rights and only exercises rights to fulfill the purpose of the trust • Trustee (Beneficiary), is the person who receives the benefit over the assets or rights provided by Settlor.
Acquisition of Real Estate Property In restricted area in MĂŠxico
Settlor enters into a contract with a fiduciary, to which he assigns assets or rights in favor of a trustee.
Fiduciary acquires the ownerhip of the goods or rights and only exercises rights to fulfill the purpose of the trust.
Trustee (Beneficiary), is the person who receives the benefit over the assets or rights provided by settlor.
JURIDICAL PERSONALITY It does not have its own legal personality, because it is the fiduciary institution that exercises the rights and actions related to the trust assets that are required to fulfill the legal purpose determined.
FOR RENTAL PURPOSES ACQUISITION BY MEXICAN COMPANIES OR CORPORATIONS GENERAL LAW OF CORPORATIONS AND COMPANIES Article 2. The commercial companies /corporations registered in the Public Registry of Commerce, have legal personality different from that of the partners/shareholders.
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