Wealthy Americans moving to Florida for tax savings should consider other costs

From Yahoo Finance: 2025-05-03 09:01:00

Many of America’s richest individuals are moving to Florida due to its lack of state income taxes. Notable residents include Jeff Bezos and Ken Griffin. However, relocating for tax savings doesn’t always benefit the ultra-wealthy. Wealth management advisor Henry Silva warns that there are additional costs in Florida, such as high home insurance premiums and property taxes. Potential homeowners should also be aware of unexpected fees like the Structural Integrity Reserve Study requirement. Silva advises wealthy individuals to make decisions based on personal circumstances rather than following trends. Seeking professional advice before making big moves is crucial.



Read more at Yahoo Finance: Wealthy Americans Are Flocking To Florida, but They Shouldn’t Be