|Florida’s new tax laws are successfully enticing Wall Street hotshots along with their businesses.
As recently published in Bloomberg, the Sunshine State’s relatively low property taxes and no state income tax make South Florida an ideal place to both own property and operate their businesses compared to many other wealthy states.
A record number of people from these other states are already moving to Florida, and founders of private equity firms are moving both their primary residences and businesses here as well.
Most notably, the two founders of I Squared Capital, Sadek Wahba and Adil Rahmathulla, are relocating to Miami from New York, and their private equity firm plans to establish an office in Miami later this year. Additionally, Starwood Capital has also said they will relocate their headquarters from Connecticut to Florida by 2021.
Relocating to Miami is a big win for the investment crowd with promises of warm weather and zero state income taxes. Florida officials are banking on the new law being the final push to rebrand Miami as “Wall Street South” and Palm Beach as “Hedge Fund South.”
If you’re looking to move to Florida to take advantage of the New Tax Law, please reach out! I’d love to help guide you on your next real estate adventure. Please don’t hesitate to reach out for more information.
With more than 16 years of success selling South Florida area real estate, Anna Sherrill is both respected and sought after by clients who trust her ability to maximize their purchase or sale experience. If you’re considering buying or selling an extraordinary residence, contact her today.