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Why high net worth individuals are moving to South Florida

South Florida is known for many things, some of which includes affordable housing, booming real estate market, No State Income tax, great weather, a vibrant and beautiful environment and quick flights to the Caribbean down south and New England up north, making this region quite attractive to almost everyone in North America.

More than half of the top states in which people are moving out from to South Florida are in the Northeast. Topping the list is Vermont, then New York, New Hampshire, Rhode Island and Connecticut all make the list. In 2017, according to the data from United Van Lines, Connecticut, New York and New Jersey made the top five places where people were moving out so fast.

One of the reasons why high net worth individuals from other states are making the move to South Florida is as a result of the recent introduction of the tax bill. This new tax law has limited deductions for state and local taxes (SALT), taking the biggest hit on big earners in states with high taxes rates like New Jersey, Connecticut, and New York. This has been a major concern for wealthy individuals in the affected states and it’s not surprising that some high-net-worth individuals are looking to make the move to South Florida, to escape state income taxes.

There is an increased frequency of wealthy people who choose to relocate for reasons of eliminating state income taxes. South Florida is a place where high-net-worth individuals of which includes professional athletes and retirees move to in order to escape income tax. Asides high net worth individuals looking to change residency, it is becoming a routine for those contemplating retirement to think of a change in residency. Basically, there are quite a number of factors unrelated to tax savings and these factors often time includes; proximity to friends & family, desire for a warm weather, and access to quality healthcare services.

The lower cost of living in South Florida has also contributed to one of the reasons why people are relocating to this region and buy Miami real estate. South Florida is generally a reasonable and affordable place to own a home, with different housing types to suit individual budget and lifestyle. You can discover a variety of housing types to choose ranging from mega-mansions, beachfront condos, villas, condominiums, single-family homes, horse farms, lovely cottages, custom architectural masterpieces, and a host of alternative reality offerings.

Another reason why high net worth individuals are making the move to south Florida is the advantage of buying in South Florida and investing in Miami’s budding investment hub. Miami is a place with rich culture, educated workforce, arts, near-perfect weather, good taxes, and home to over 140 alternative investment companies, of which includes private equity groups, wealth management firms, international banks, and hedge fund management firms.

Even though the tax bill may not be the sole reason of relocating, it has surely encouraged financiers and hedge fund managers to delve into the bevy of investment opportunities that Miami has to offer.

With these investors & high-net-worth individuals, there would be potentially more high-skilled jobs as well as more flow of money into South Florida’s economy.

Contact us today for a complete inventory of Miami condos and homes for sale.

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