March 3, 2014
Financial tycoons are relocating to Miami, where they pay less in taxes, while maintaining their lavish lifestyles. Miami is already the country’s second most popular financial hub after New York City, and Miami’s Downtown Development Authority is aiming to further increase that popularity.
The DWNTWN campaign was launched last May to lure hedge funds, investment companies and family offices to Miami. Several prominent bankers have recently bought condos in Miami, and Universa Investments will soon operate out of Coconut Grove. Inquiries from New York and Connecticut continue to flow in, showing that word is spreading.
Miami is attractive to financial services firms for a variety of reasons. For one, Florida is one of seven states that does not have personal income tax. Miami is also the financial gateway to the Americas. The growing cultural scene, vibrant nightlife and world-class restaurants are also appealing, as is Miami’s proximity to multiple major airports with daily non-stop flights to other financial centers.
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Source: Business Insider
