Belgian Yucatan

Belgium had some desire for colonies historically, even colonizing part of Guatemala in the 1840s.

The Republic of Yucatan, meanwhile, was desperate to be annexed by somebody.

What if Belgium had annexed the Yucatan Republic?
 
Well, for starters, Belgium has to maintain a military presence in the region in order to make sure Mexico doesn't try to reannex it. More importantly, Belgium is going to have to fight the native Maya people in the caste war. Could Belgium afford to do this during the 1840s? I'm not entirely sure.
Hopefully, under Belgium's control and not the private control of a monarch, it doesn't lead to as many human rights violations.
 
Not only is belgium unlikely to maintain control of yucatan in the first place, they're certain to get their shit kicked in, courtesy of the united states of america and the united kingdom of great britain and ireland. Both of which had a vested (and, indeed, declared) interest in no european nations expanding within the american continent.

Belgium's relations with britain, it's biggest ally, are probably deeply hurt and the king is humiliated.
 
Well to start, for this to happen and not be ASB, Mexico can't exist. So find a PoD where it doesn't.

The only way I see this happening is in a world where the Spanish American wars of independence fail and all of Spanish America is re-colonized. Or stays colonized.

Spain could end up deeply in debt as a consequence and might grant economic "leases" and concessions to other European countries. Central America seems like a good place to do this, with the exception of Panama and potentially Nicaragua, it isn't that important. A Belgian Yucatan would just be a side effect of all this.
 
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