Trusts in restricted areas: Validity of the permit granted by the Ministry of Foreign Affairs.


Dear clients and friends:
 

On August 17th of this year it was published, in the Official Gazette of the Federation, an amendment to the Regulation of the Foreign Investment Law, which establishes  that the permits granted by the Ministry of Foreign Affairs (SRE) required by  credit institutions to act as fiduciaries in trusts on real estate property located within the restricted area (which in the case of border areas of Mexico is of 100 kilometers and in the case of surrounding areas to the beaches in Mexico is of 50 kilometers), will be valid for one hundred eighty calendar days from their issuant date. This term may be extended by additional one hundred eighty calendar days, upon the filing written request date.

 

It is also stated that once the permits are used; credit institutions must give notice of that fact to the SRE within five working days from the formalization of the corresponding trust in a public deed.

 

For more information about the content of this provision, we invite you to contact us.

 

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