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> how do you explain all the millionaires taking up residency in Florida to avoid NYC taxes They treat Florida residency like a flag of convenience[1]. There a
by culturestate 6y ago
> how do you explain all the millionaires taking up residency in Florida to avoid NYC taxes
They treat Florida residency like a flag of convenience[1]. There are some who legitimately retire or move to Florida for a lifestyle change - not exactly a new phenomenon - and a bunch of young professionals who choose to live in Miami because it's Miami, but for most it's just paperwork.
David Tepper is a great example. He "lives" in Florida and moved Appaloosa to Miami, but Charlotte is now the center of his personal life and he spends almost half of his time there.
1. https://en.wikipedia.org/wiki/Flag_of_convenience https://en.wikipedia.org/wiki/Flag_of_convenience