Florida
Family offices are increasingly attracted to Florida for cross-generational wealth management and the state’s health and wellness hub status. The absence of personal income, estate, or inheritance taxes, competitive corporate tax rates, robust legal infrastructure, and high quality of life make it an ideal location for effective wealth transition and investment management.
Regulatory Body
Florida Office of Financial Regulation (OFR)
Tax Environment
No personal income tax (including on interest and dividend income) and no estate or inheritance tax; 5.5% corporate income tax, moderate sales tax and property taxes in line with national averages, with a homestead exemption
Introduction
The Sunshine State of America Family offices have been flocking to Florida in recent years because its tax regulations offer significant incentives for investors, contributing to its status as a burgeoning hub for financial services. The state does not levy personal income tax, including on interest and dividend income, which is particularly advantageous for family offices that manage considerable investment portfolios. This policy not only facilitates wealth growth within these entities but also attracts HNWIs and investment funds seeking to maximise post-tax returns. Furthermore, Florida's exemption from estate and inheritance taxes aligns with the strategic goals of family offices focused on intergenerational wealth transfer without the heavy tax burdens found in other states. In addition, the state's low corporate taxes make it even more attractive for businesses.
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Evaluation
Florida is well-known for its tax-friendly environment, making it an attractive destination for high-net-worth individuals and their families. The absence of a state income tax significantly reduces the tax burden on investment and the exemptions from estate tax and inheritance tax, making it an even more desirable location for wealth management and succession planning. These tax incentives, combined with a robust legal and regulatory framework, create a thriving ecosystem for family offices.
Moreover, the competitive real estate market and high quality of life make Florida a popular choice for family offices and HNWIs from all over the US.
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Key Highlights
No personal income tax
Florida levies no personal income tax, including on interest and dividend income, materially improving post-tax returns on investment portfolios.
No estate or inheritance tax
Assets can pass to future generations without state estate or inheritance tax, preserving wealth within the family across generations.
Gateway to Latin America
Ports, airports and Miami's role as a regional financial centre make Florida a gateway to Latin America and the Caribbean.
Sunshine and lifestyle
With 237 days of sunshine a year, beaches and golf courses, Florida is the top United States choice for wealthy retirees.
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