The impact of Florida's tax landscape on family offices

Florida's tax landscape offers family offices significant savings and strategic advantages, including no state income tax. This article explores how Florida's tax landscape offers significant savings and strategic advantages for family offices, including no state income tax.
florida family offices

What you need to know

  • Florida offers significant financial benefits from no state income or inheritance taxes for wealth preservation.
  • The state encourages diverse investments without state-level capital gains taxes, enhancing asset management.
  • Family offices should still evaluate living costs, real estate, and regulations before relocating for tax advantages.

Jurisdictions Updated on May 31, 2024

Florida’s tax landscape presents a compelling case for family offices considering relocation or investment in the state. Known for its favourable tax regime, Florida offers significant advantages that can impact wealth preservation, growth, and succession planning. This article explores how Florida’s tax environment affects family offices, highlighting key benefits and strategic considerations.

Florida’s tax advantages

No state income tax: Florida is one of the few states in the U.S. that does not impose a personal income tax. This absence of state income tax can result in considerable savings for family offices, especially when compared to states with high tax rates. The lack of a state income tax extends to interest and dividend income, further enhancing investment returns.

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