Business & Wealth Relocation to Florida
Florida is experiencing new and unprecedented levels and patterns of migration. Some of this migration is concentrated in the state's primary markets. South Florida, for example, has been witnessing the steadily increasing expansion and relocation of companies from other parts of the country from sectors that have not historically been part of the local economic fabric, such as technology companies and hedge funds that rely on specialized workforce and metropolitan areas with high social capital.
Statewide, absence of state income and capital gains taxes, combined with a surging demand for Florida's quality of life in light of coronavirus-induced lock downs and forced closures in other parts of the country, has led to substantial wealth migration. New transplants are flowing into the metro Miami area, the Tampa Bay area, Palm Beach, and Orlando. Meanwhile major infrastructure investments, such as the Brightline high-speed passenger rail system, are connecting the most economically active parts of the state, accelerating the rapid development pushed by this migration.
Bilzin Sumberg is deeply familiar with the forces behind this new migration pattern, the business trends it is pushing, and what companies, institutions and individuals need to know from a business and legal perspective on how to navigate and thrive in Florida's rapidly changing cauldron of opportunities.
Five Tips for Businesses and Individuals Looking to Relocate to Tax-Friendly States
As published in Bloomberg Tax
February 8, 2021
By: Anthony De Yurre
Over the last decade, there has been a gradual increase in the number of residents and businesses emigrating to tax-advantaged states such as Florida, Arizona, Texas, and Nevada, from tax-burdened markets including New York, Connecticut, Illinois, Massachusetts, and California. The Covid-19 health crisis has accelerated the trend, as businesses embrace remote work and individuals opt to live in places with a lower cost of living.
And while the promise of lower taxes and improved quality of life are enticing, there are several variables that individuals and businesses must consider when contemplating a relocation or expansion. For an overview of the factors that should be weighed prior to making a move, click below to learn more.
Exciting Developments in Uncertain Times: What's in Store for Real Estate in South Florida
On February 2nd, Nitin Motwani, Managing Principal of Miami Worldcenter, and Anthony De Yurre, Partner in Bilzin Sumberg’s Land Development and Government Relations Group, discussed the movement of money and migration as it relates to real estate investment and development in the region during a virtual talk hosted by Bilzin Sumberg.
Mr. Motwani pointed out that despite all of the doomsday prophecies that circulated at the beginning of the pandemic during the spring of 2020, the real estate market in South Florida overall performed remarkably well compared to other major metropolitan areas.