As we head into the home stretch for tax season, our awareness of tax rates is heightened. Whether you are a resident of another country or another state, the advantages of becoming a resident of Florida are hard to resist.
At this time of year, we all become more aware of tax consequences of not making any changes. Moving to South Florida and becoming a Florida resident becomes even more attractive for wealthy individuals.
A recent study by WalletHub, a Washington D.C. organization, just released their 2015 Best States to Be Rich or Poor from a Tax Perspective. As usual, Florida is one of the best states for minimizing your state tax burden. For 2015, Florida was the 7th best state for high income individuals.
Or looking at it differently, South Florida is a very diverse wealth magnet. From Palm Beach County down to the Florida Keys, the Miami Herald indicates there are at least nineteen billionaires. Here are some highlights:
1. Carl Icahn – Carl has earned his wealth on Wall Street as an activist since the 1980’s. Carl purchased a vacation home, on foreclosure, in Indian Creek in 1997. He also has major interests in real estate development in Vero Beach (Grand Harbor, Oak Harbor).
2. Len Blavatnik – Len was raised in Russia and immigrated to U.S. in 1978. Became a U.S. citizen in 1984 and secure Harvard MBA. Most of his fortune results from Access Industries, a privately held company with interests in chemicals and oil production venture. Len primarily resides in London but has significant interests in the redevelopment of South Beach and investor in Faena District.
3. Charles B. Johnson – Charles primary source of wealth is Franklin Templeton Investments in California, a major mutual fund provider. He resides in Indian Creek.
4. Richard LeFrak – Richard is a New Yorker who earned his wealth in real estate, mostly residential and office properties in NY, London and LA. He is an investor in Gansevoort hotel, a renovation project in Miami Beach.
5. Micky Arison – Micky’s family founded Carnival Cruise, which also owns Holland America, Princess, Cunard, and others. He resides in Bal Harbour. South Florida has played a larger role in his life than most on this list.
6. Donald Trump – Donald’s background centers around New York real estate, with some ventures into television and golf course development. He has been active in South Florida real estate development with Mar-a-Lago, Trump International Golf Club, and Doral Golf Resort in Miami.
Florida is a wonderful place to lower your tax burden. Let us help you with the transition.