Yucatan Best Living Blog
Visiting Merida, Yucatan for business, or intercompany transferee, for non-remunerated activities
You can enter Mexico without a visa showing your passport and the “migration Form for Tourists, Transmigrants, Visiting Businesspersons, or Visiting Consultants”, which you can obtain from travel agencies, airlines, or at your point of entry into Mexico. If you are a citizen of one of the following countries.
How to open a Mexican Bank Account in Merida, Yucatan
Mexican banks offer foreign individuals bank accounts both in Mexican pesos or dollars. These accounts range from regular checking and money market accounts to certificates of deposit. The peso checking and money market accounts are called cuentas ejes or “central accounts,” whereby the account holder is able to transfer to other accounts in Mexico or worldwide, transact business in the country, or have access to investment packages or invest in the Mexican Stock Market (Bolsa). There are many banks to choose from in Mexico. The largest are Scotiabank Inverlat, Banamex/Citibank, BBVA-Bancomer, and HSBC. Take a look at the links we have listed for you:
Cochinita Pibil Recipe from Yucatan Mexico
Cochinita pibil, a slow-roasted pork dish, originates in the southern Mexico, specifically the Yucatan Peninsula, Merida. Traditional Yucatan food as we know it today arises from the fusion of early European influences with native Mayan food and preparation techniques. For example, cochinita pibil resulted from the succulent combination of Spanish pork with pre-Hispanic Spices and cooking methods.
Chichen Itza Day Trip
Chichen Itza is the best preserved of the many Mayan ruins in Mexico and Central America.
Deep within the jungles of Mexico and Guatemala and extending into the limestone shelf of the Yucatan peninsula lie the mysterious temples and pyramids of the Maya. While Europe was still in the midst of the Dark Ages, these amazing people had mapped the heavens, evolved the only true writing system native to the Americas and were masters of mathematics.
Cost of living in Merida Yucatan Mexico
The cost of living ranges are set within the costs for a middle to upper class family lifetsyle, which considers a $1300 to $17400 USD monthly income. Included in the costs are: Housing, Food, Education, Transportation, Clothing, Recreation, Health, Furniture and Appliances, and Personal Use.
Lulton Caves in Merida Yucatan
This cave is located 110 km from Merida via federal highway 31 in the State of Yucatan, Mexico.
Only 4.3 miles from Oxkutzcab and 15 miles northeast from Labna ruins.
Loltun Caverns are one of the biggest known from the huge cave system that covers a great territory in southern Yucatan. They have been arranged for a safe tour, approximately a 500mts of illuminated paths, in which we can admire huge and excellent chambers with stalactites, stalagmites and interesting petro glyphs and rupestrian paintings.
Retire in Merida Yucatan
Learn why so many retire in Merida Yucatan Mexico
Merida and The Yucatan Peninsula should be the top of your retirement wish list! Here, you´re going to find many reasons why you´d love to live, love and retire to The Yucatan.
Things to do in Merida, Yucatan, Mexico.
There are so many fun and exciting things to do here in Merida, Yucatan, Mexico. And Yucatan Best Living is your resource for finding and enjoying these great, low cost activities and sites.
Why do so many from the USA and Canada move to Merida Yucatan Mexico?
When people first think of Yucatan, their thoughts may turn to Cancun or a dimly remembered geography class from high school. But this Mexican state has far more to offer, especially for people seeking a real estate investment.
What is a fideicomiso or bank trust in Mexico?
The Mexican bank trust is an instrument commonly used for non-Mexican nationals, such as U.S. citizens and Canadians, to purchase coastal land in Mexico. This bank trust in Mexico is known as a fideicomiso.
When talking about Mexican real estate in English, most people use the term "bank trust" simply because it is easier to pronounce than fideicomiso.
When talking in Spanish expect to hear and use the term fideicomiso.
Making an informed decision. Buying property in Mexico.
WHAT IS A MEXICAN TRUST OR FIDEICOMISO?
IT is a commercial contract governed by Mexico’s general law of credit instruments and operations (GLCIO). Like most contracts in Mexico governed by a particular statute, the GLCIO includes a number of mandatory provisions which means they can not be modified or waived, but also allows trusts to include other contractual provisions, making them one of the most flexible types of contracts in Mexico, and one that is widely used for many different purposes.
Land/ Property trust or FIDEICOMISO Perhaps the most widely known use of a Mexican trust, especially amongst Americans and other non-Mexicans, is the real estate or land trust for the “restricted zone” for acquiring residential property.
WHO IS IN IT?
Generally speaking, the trust or fideicomiso normally consists of three parties; the trustor or settlor, the trustee, and the beneficiary, although the beneficiary is not required in some trusts.
DURATION?
Trusts are normally for specific period of time and can not exceed 50 years,
But, trusts that can be extended, for instance land trusts which are the ones we are interested in.
IN WHAT STATES/AREAS OF MEXICO A FIDEICOMISO IS NEEDED?
Under Mexican law, foreign persons and entities may not own land that is located within the restricted zone, which is an area of 100 kilometers from either border (north or south) and 50 kilometers from the coastline.
These types of trusts are commonly used by foreigners purchasing residential property in tourist destinations like MERIDA, Los Cabos, Riviera Maya, Puerto Vallarta and Acapulco, and so on.
DOES A FIDEICOMISO EXPIRE?
These trusts can be for a term of 50 years and can be renewed or extended.
The formation process usually takes place by having the seller/developer act as the trustor and by irrevocably transferring title to the property, to the trustee.
The trustee then holds the property for the benefit of the beneficiary. The beneficiary will normally have the unrestricted right to enjoy and use the property, as well the benefit of any rental and sale proceeds, if and when the trusts assets are sold, provided the trust allows it.
HOW LONG WILL THE PROCESS TAKE?
It all depends…. If all the paperwork of all parties, buyer and seller and property are timely presented, it can take from 2-4 weeks.
WHAT´S THE PROCESS LIKE?
Before the land trust can be created, the trustee, a Mexican bank, applies for a trust permit with Mexico’s Foreign Relations Department (FRD). The application process is relatively simple. Information on the parties and the property is required as part of the application process, together with the payment of an application fee. Under statutory provisions, the FRD has 5 business days to respond all applications, although the term extends to 30 days if the filing takes place at any of the FRD offices located outside Mexico City. Upon the issuance of the trust permit, the parties are then free to formalize the creation of the trust by transferring the real property in front of a Mexican Notary Public.
WHAT ELSE WILL BE NEEEDED AND WHY THIS IS IMPORTANT?
Like any other real estate transaction, the creation of a land trust will also require the standard due diligence on the property, appraisals, inspections, title searches, the obtaining of certificates of no-liens, certificates of no-debt (on property taxes) and any other customary or statutory requirement under local and state laws for closing on real estate.
ARE THERE ANY OTHER IMPORTANT FEATURES?
Another important feature of land trusts is that they allow the beneficiary to appoint a “substitute beneficiary” at the time of the trust’s creation. Upon the beneficiary’s death, the substitute beneficiary takes over, as the trust’s beneficiary, therefore saving considerable time and money from an otherwise complex probate proceeding in Mexico.
Generally speaking, beneficiaries will have the ability to use, and enjoy the property.
IS IT SAFE?
Yes, very safe, but it will be also very important that you have a good realtor on your side, a profesional and ethic lawyer, and so your purchase can be smooth and simple! To sum it up, the Mexican land trust is as safe as the deed to your home in the US or Canada. If you´re looking to buy in Merida, we can help! We're a Real Estate firm that offers a holistic approach. Our client-centric business model puts our client's needs first. For us, it's about the relationship, not the transaction. Contact us for a confidential consultation today!
Fixer uppers, houses with all the colonial charm, big and small, all budgets and all locations.
We can sit and discuss exactly what you need and what you´re looking for. We always provide reliable and honest advise so you can make an informed decision depending on your likes and needs on Real Estate in Mexico.
Call us to make an appointment! We´d love to meet you!
Mexican Fiesta Wedding Party
While many visitors come to Mexico just to enjoy the beaches and resorts, Yucatan is also a destination for relaxing, celebrating life’s milestones, and when finished with the 9 to 5 rat race, it is a delightful (and affordable) place to retire.
What you should know before buying real estate in Merida Yucatan Mexico
Your best life has just begun.. Mexico has a lot to offer potential retirees. Weather, culture, stability, safety, and low cost of living are big draws, but so is its proximity to the U.S and Canada for those who still want to stay close to family. From much of Mexico, going “home” could be as close as a day’s drive. But even for those who live further away, or who don’t have a car, or who don’t want the long drive, all major airlines fly directly to most North American cities from the big Mexican airports.
You can enter Mexico without a visa showing your passport and the “migration Form for Tourists, Transmigrants, Visiting Businesspersons, or Visiting Consultants”, which you can obtain from travel agencies, airlines, or at your point of entry into Mexico. If you are a citizen of one of the following countries.
How to open a Mexican Bank Account in Merida, Yucatan
Mexican banks offer foreign individuals bank accounts both in Mexican pesos or dollars. These accounts range from regular checking and money market accounts to certificates of deposit. The peso checking and money market accounts are called cuentas ejes or “central accounts,” whereby the account holder is able to transfer to other accounts in Mexico or worldwide, transact business in the country, or have access to investment packages or invest in the Mexican Stock Market (Bolsa). There are many banks to choose from in Mexico. The largest are Scotiabank Inverlat, Banamex/Citibank, BBVA-Bancomer, and HSBC. Take a look at the links we have listed for you:
Cochinita Pibil Recipe from Yucatan Mexico
Cochinita pibil, a slow-roasted pork dish, originates in the southern Mexico, specifically the Yucatan Peninsula, Merida. Traditional Yucatan food as we know it today arises from the fusion of early European influences with native Mayan food and preparation techniques. For example, cochinita pibil resulted from the succulent combination of Spanish pork with pre-Hispanic Spices and cooking methods.
Chichen Itza Day Trip
Chichen Itza is the best preserved of the many Mayan ruins in Mexico and Central America.
Deep within the jungles of Mexico and Guatemala and extending into the limestone shelf of the Yucatan peninsula lie the mysterious temples and pyramids of the Maya. While Europe was still in the midst of the Dark Ages, these amazing people had mapped the heavens, evolved the only true writing system native to the Americas and were masters of mathematics.
Cost of living in Merida Yucatan Mexico
The cost of living ranges are set within the costs for a middle to upper class family lifetsyle, which considers a $1300 to $17400 USD monthly income. Included in the costs are: Housing, Food, Education, Transportation, Clothing, Recreation, Health, Furniture and Appliances, and Personal Use.
Lulton Caves in Merida Yucatan
This cave is located 110 km from Merida via federal highway 31 in the State of Yucatan, Mexico.
Only 4.3 miles from Oxkutzcab and 15 miles northeast from Labna ruins.
Loltun Caverns are one of the biggest known from the huge cave system that covers a great territory in southern Yucatan. They have been arranged for a safe tour, approximately a 500mts of illuminated paths, in which we can admire huge and excellent chambers with stalactites, stalagmites and interesting petro glyphs and rupestrian paintings.
Retire in Merida Yucatan
Learn why so many retire in Merida Yucatan Mexico
Merida and The Yucatan Peninsula should be the top of your retirement wish list! Here, you´re going to find many reasons why you´d love to live, love and retire to The Yucatan.
Things to do in Merida, Yucatan, Mexico.
There are so many fun and exciting things to do here in Merida, Yucatan, Mexico. And Yucatan Best Living is your resource for finding and enjoying these great, low cost activities and sites.
Why do so many from the USA and Canada move to Merida Yucatan Mexico?
When people first think of Yucatan, their thoughts may turn to Cancun or a dimly remembered geography class from high school. But this Mexican state has far more to offer, especially for people seeking a real estate investment.
What is a fideicomiso or bank trust in Mexico?
The Mexican bank trust is an instrument commonly used for non-Mexican nationals, such as U.S. citizens and Canadians, to purchase coastal land in Mexico. This bank trust in Mexico is known as a fideicomiso.
When talking about Mexican real estate in English, most people use the term "bank trust" simply because it is easier to pronounce than fideicomiso.
When talking in Spanish expect to hear and use the term fideicomiso.
Making an informed decision. Buying property in Mexico.
WHAT IS A MEXICAN TRUST OR FIDEICOMISO?
IT is a commercial contract governed by Mexico’s general law of credit instruments and operations (GLCIO). Like most contracts in Mexico governed by a particular statute, the GLCIO includes a number of mandatory provisions which means they can not be modified or waived, but also allows trusts to include other contractual provisions, making them one of the most flexible types of contracts in Mexico, and one that is widely used for many different purposes.
Land/ Property trust or FIDEICOMISO Perhaps the most widely known use of a Mexican trust, especially amongst Americans and other non-Mexicans, is the real estate or land trust for the “restricted zone” for acquiring residential property.
WHO IS IN IT?
Generally speaking, the trust or fideicomiso normally consists of three parties; the trustor or settlor, the trustee, and the beneficiary, although the beneficiary is not required in some trusts.
DURATION?
Trusts are normally for specific period of time and can not exceed 50 years,
But, trusts that can be extended, for instance land trusts which are the ones we are interested in.
IN WHAT STATES/AREAS OF MEXICO A FIDEICOMISO IS NEEDED?
Under Mexican law, foreign persons and entities may not own land that is located within the restricted zone, which is an area of 100 kilometers from either border (north or south) and 50 kilometers from the coastline.
These types of trusts are commonly used by foreigners purchasing residential property in tourist destinations like MERIDA, Los Cabos, Riviera Maya, Puerto Vallarta and Acapulco, and so on.
DOES A FIDEICOMISO EXPIRE?
These trusts can be for a term of 50 years and can be renewed or extended.
The formation process usually takes place by having the seller/developer act as the trustor and by irrevocably transferring title to the property, to the trustee.
The trustee then holds the property for the benefit of the beneficiary. The beneficiary will normally have the unrestricted right to enjoy and use the property, as well the benefit of any rental and sale proceeds, if and when the trusts assets are sold, provided the trust allows it.
HOW LONG WILL THE PROCESS TAKE?
It all depends…. If all the paperwork of all parties, buyer and seller and property are timely presented, it can take from 2-4 weeks.
WHAT´S THE PROCESS LIKE?
Before the land trust can be created, the trustee, a Mexican bank, applies for a trust permit with Mexico’s Foreign Relations Department (FRD). The application process is relatively simple. Information on the parties and the property is required as part of the application process, together with the payment of an application fee. Under statutory provisions, the FRD has 5 business days to respond all applications, although the term extends to 30 days if the filing takes place at any of the FRD offices located outside Mexico City. Upon the issuance of the trust permit, the parties are then free to formalize the creation of the trust by transferring the real property in front of a Mexican Notary Public.
WHAT ELSE WILL BE NEEEDED AND WHY THIS IS IMPORTANT?
Like any other real estate transaction, the creation of a land trust will also require the standard due diligence on the property, appraisals, inspections, title searches, the obtaining of certificates of no-liens, certificates of no-debt (on property taxes) and any other customary or statutory requirement under local and state laws for closing on real estate.
ARE THERE ANY OTHER IMPORTANT FEATURES?
Another important feature of land trusts is that they allow the beneficiary to appoint a “substitute beneficiary” at the time of the trust’s creation. Upon the beneficiary’s death, the substitute beneficiary takes over, as the trust’s beneficiary, therefore saving considerable time and money from an otherwise complex probate proceeding in Mexico.
Generally speaking, beneficiaries will have the ability to use, and enjoy the property.
IS IT SAFE?
Yes, very safe, but it will be also very important that you have a good realtor on your side, a profesional and ethic lawyer, and so your purchase can be smooth and simple! To sum it up, the Mexican land trust is as safe as the deed to your home in the US or Canada. If you´re looking to buy in Merida, we can help! We're a Real Estate firm that offers a holistic approach. Our client-centric business model puts our client's needs first. For us, it's about the relationship, not the transaction. Contact us for a confidential consultation today!
Fixer uppers, houses with all the colonial charm, big and small, all budgets and all locations.
We can sit and discuss exactly what you need and what you´re looking for. We always provide reliable and honest advise so you can make an informed decision depending on your likes and needs on Real Estate in Mexico.
Call us to make an appointment! We´d love to meet you!
Mexican Fiesta Wedding Party
While many visitors come to Mexico just to enjoy the beaches and resorts, Yucatan is also a destination for relaxing, celebrating life’s milestones, and when finished with the 9 to 5 rat race, it is a delightful (and affordable) place to retire.
What you should know before buying real estate in Merida Yucatan Mexico
Your best life has just begun.. Mexico has a lot to offer potential retirees. Weather, culture, stability, safety, and low cost of living are big draws, but so is its proximity to the U.S and Canada for those who still want to stay close to family. From much of Mexico, going “home” could be as close as a day’s drive. But even for those who live further away, or who don’t have a car, or who don’t want the long drive, all major airlines fly directly to most North American cities from the big Mexican airports.