Acquisition of land used for agriculture, livestock or forestry purposes is not permitted. However, "T" shares which represent the value of such land may be purchased by foreign-controlled enterprises up to 49% of the value of the land.
"Article 27. [...]
The ability to acquire ownership of the lands and waters of the Nation shall be governed by the following prescriptions:
I. Only Mexicans by birth or naturalization and Mexican companies have the right to acquire ownership of lands, waters and their accessions or to obtain mining or water exploitation concessions. The State may grant the same right to foreigners, provided that they agree before the Secretary of Relations to consider themselves as nationals with respect to said goods and not therefore invoke the protection of their governments with respect to them; under the penalty, in case of breach of the agreement, of losing for the benefit of the Nation, the goods that they have acquired by virtue of it. [...]
IV. Trading companies by shares may be owners of rustic land but only to the extent necessary for the fulfillment of their purpose. In no case may companies of this class own land dedicated to agricultural, livestock or forestry activities to a greater extent than the respective equivalent to twenty-five times the limits indicated in section XV of this article. The regulatory law will regulate the capital structure and the minimum number of partners of these companies, so that the lands owned by the company do not exceed the limits of the small property in relation to each partner. In this case, all individual share ownership, corresponding to rustic land, will be cumulative for computational purposes. Likewise, the law will establish the conditions for foreign participation in said companies. [...]" (Mexican Constitution (5 February 1917), last amended on 28 May 2021, Article 27 [google translation])
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""ARTICLE 2.- For the purposes of this Law, it shall be understood as: [...]
II.- Foreign investment:
a) The participation of foreign investors, in any proportion, in the capital stock of Mexican companies;
b) That carried out by Mexican companies with a majority of foreign capital; and
c) The participation of foreign investors in the activities and acts contemplated by this Law.
III.- Foreign investor: to the natural or legal person of a nationality other than Mexican and foreign entities without legal personality;
[...]
ARTICLE 3.- For the purposes of this Law, that made by foreigners in the country with the condition of Permanent Resident stay is equated to Mexican investment, except for that carried out in the activities contemplated in Titles One and Two of this Law.
ARTICLE 4.- Foreign investment may participate in any proportion in the capital stock of Mexican companies, acquire fixed assets, enter new fields of economic activity or manufacture new product lines, open and operate establishments, and expand or relocate existing ones, except for the provisions of this Law.
The rules on the participation of foreign investment in the activities of the financial sector contemplated in this Law shall be applied without prejudice to what is established in the specific laws for those activities.
For purposes of determining the percentage of foreign investment in economic activities subject to maximum participation limits, foreign indirect investment will not be counted, is carried out in such activities through Mexican companies with a majority of Mexican capital, provided that the latter are not controlled by foreign investment.
[...]
ARTICLE 7.- In the economic activities and companies mentioned below, foreign investment may participate in the following percentages: [...]
III.- Up to 49% in: [...]
r) Series "T" shares of companies that own agricultural, livestock and forestry lands; [...]
The limits for the participation of foreign investment indicated in this article may not be exceeded directly, or through trusts, agreements, social or statutory agreements, schemes of pyramiding, or any other mechanism that grants control or a participation greater than that established, except for the provisions of Title Five of this Law.[...]" (Foreign Investment Law (27 December 1993), last amended on 15 June 2018, Articles 2, 3, 4 and 7 [google translation])"
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"TITLE SIX - OWNERSHIP OF AGRICULTURAL, LIVESTOCK OR FOREST LAND
Article 125.- The provisions of this Title are applicable to commercial or civil companies that own agricultural, livestock or forestry lands.
[...]
Article 130.- In the companies referred to in this title, foreigners may not have a participation that exceeds 49% of the shares or social shares of series T. [...]" (Agrarian Law (26 February 1992), last amended on 8 March 2022, Articles 125 and 130 [google translation])
Mexican Constitution (5 February 1917), last amended on 28 May 2021, Article 27
Foreign Investment Law (27 December 1993), last amended on 15 June 2018, Articles 2, 3, 4 and 7
Agrarian Law (26 February 1992), last amended on 8 March 2022, Articles 125 and 130
[<a href="https://www.diputados.gob.mx/LeyesBiblio/pdf/CPEUM.pdf">Constitution</a>],[<a href="http://www.diputados.gob.mx/LeyesBiblio/pdf/44_150618.pdf">Law</a>],[<a href="https://www.diputados.gob.mx/LeyesBiblio/pdf/LAgra.pdf">Law</a>]