Tri-State Businesses Join Conga Line Of New York City Businesses Fleeing To Florida
Hedge funds, private equity firms, and wealth management offices are leaving the northeast and heading to Miami and Palm Beach County.
The Palm Beach County’s Business Development Board said on FOX Business that more than 70 financial services companies have moved into Palm Beach County within the last three years. Currently, the organization is working with another 15.
Business Development Board CEO Kelly Smallridge:
I cannot keep up with the number of companies coming in. Some are headquarters and some of them are regional operations. Many of them, once they get here, within short order establish Palm Beach as their home base.
Tri-State businesses are primarily coming from New York, New Jersey, and Connecticut. New York and Connecticut were impacted by the $10,000 cap on state and local tax deductions.
The Palm Beach Development Board has created a full-time department dedicated to the surge of corporate relocation interest.
There are 40 billionaire and 71,000 millionaire households in Palm Beach County. Residents also have access to three international airports and a high-speed rail with non-stop service to and from to Miami.
The county’s corporate tax rate is 5.5%. Palm Beach County also does not have corporate income tax on limited partnerships or LLCs. Florida also does not have a state income tax for individuals.
As a result, the majority of financiers establish domicile in the state.
Palm Beach County And Miami Duke It Trying To Attract Tri-State Businesses
Meanwhile, it’s not just businesses looking to relocate but an increasing number of individuals, as well.
Miami is also ramping up efforts to recruit these unhappy families and individuals.
Around April 15, Miami real estate development firm Codina Partners launched its “Unhappy New Yorkers” campaign.
Armando Codina, executive chairman of Codina Partners, told FOX Business the firm also planned to launch similar campaigns targeting New Jersey and Connecticut.