Discover the unique beauty and vibrant culture of Merida, Yucatan, a prime destination for real estate investment in Mexico. With Merida Yucatan Real Estate, buying your dream home in this enchanting region is straightforward and secure. Whether you're drawn to the colonial charm or the modern luxury homes in Merida, here's everything you need to know about purchasing property in Yucatan's Restricted Zone.
Understanding the Restricted Zone
Merida and many areas within Yucatan fall under the "Restricted Zone," which is within 50 kilometers (approximately 31 miles) from the coastline or 100 kilometers from the border. However, foreigners can own property in this area through two main methods: establishing a bank trust (FIDEICOMISO) or forming a Mexican Corporation.
Option 1: Bank Trust (Fideicomiso)
- What It Is: A trust agreement with a Mexican bank, allowing foreign buyers to hold property rights for 50 years, renewable in 50-year increments.
- Benefits: Full rights of ownership, including modifying, renting, or selling the property.
- Costs: Initial setup approximately $4,500 USD, with an annual fee based on property value.
Option 2: Mexican Corporation
- What It Is: A legal entity through which foreigners can own property directly in the Restricted Zone.
- Benefits: Suitable for owning multiple properties or conducting business.
- Costs: Approximately $3,500 USD for formation, plus monthly accounting fees ($50-$100 USD) for reporting earnings to the Mexican Government.
The Buying Process Simplified
- Legal Assistance: Enlist a top lawyer in Merida, like those partnered with Merida Yucatan Real Estate, to navigate visa applications, establish your trust or corporation, and ensure a clear title free of liens.
- Review and Taxes: Your attorney will review all contracts, facilitate trust or corporation creation, manage tax payments, and record your new deed as per Mexican law.
Why Merida Yucatan Real Estate?
Buying a home in Merida, Yucatan, is not only simple but incredibly safe with the right guidance. Merida Yucatan Real Estate is your trusted partner in this journey, offering expertise in local real estate laws, investment opportunities, and the best properties in Merida and the Yucatan region.
Ready to Explore Homes in Merida, Yucatan?
Contact Merida Yucatan Real Estate today to find your dream home in Merida. With our local knowledge and professional assistance, we'll ensure the buying process is seamless and secure. Visit our properties listing page or more information or call us directly here.