Merida and many areas of the Yucatan are in the Restricted Zone ( ie: within 50 kilometers or approximately 31 miles from the coastline or 100 kilometers from the border). Foreigners may purchase property in the Restricted Zone by establishing either a bank trust (FIDEICOMISO) or a Mexican Corporation. The bank trust is the simplest way to buy unless you are going to be buying more than one home here in the Yucatan.
The Fideicomiso is a trust agreement with a bank in which you established a fifty years trust and it can be renewed for fifty years increments. It can be passed on to your beneficiary at the end of the first 50 years. A Mexican bank is designated as the trustee and acts on behalf of the foreign buyer and the bank has a fiduciary obligation to follow the instructions given by the foreigner who is the trust beneficiary. As the beneficiary, you have all the rights of ownership including the right to modify, rent, sell your property. The cost of establishing a trust or fideicomiso is approximately $4,500 USD. There is an annual fee based on a percentage of the value of the property.
You may also own property as a Mexican Corporation. It cost approximately $3,500 USD to form a corporation. You will need an accountant (fees range from $50 to $100 USD per month) to report your earnings each month to the Mexican Government. The principal officer of the corporation is required to have an FM3 Visa. You can either apply for the visa yourself at Imigracion or you can hire an attorney to handle the process for you. We have one of the best lawyers in Merida that can guide you step by step through this process.
With the help of your attorney, he will review your purchase agreement, your deed and title to ensure the title is clear of liens; will facilitate the creation of your trust or corporation; review the final sales contract; collect and pay all appropriate taxes; and record your new deed as required by Mexican law here in the Yucatan
Buying a home here is a very simply and very safe. With our help and the help or your lawyer, you will not believe how simply the entire process can be.
