Recent changes in the policies of some States with respect to business have meant that many companies have suffered in the area of finance and innovation. “Bad policies discourage business and innovation, undermine opportunities and make life in big cities ugly and unpleasant”, says Elon Musk in an article published in the Wall Street Journal.
States like Texas, California, New York and Florida are attractive to entrepreneurs because their combined corporate tax is lower than other states and regulatory measures allow for innovation and business growth. We have the example of Oracle, the technology giant that in 2020 decided to move its corporate facilities from Silicon Valley to Austin, Texas.
Florida, and more specifically South Florida has become an attractive place for businesses, its combined corporate tax rate is 24. 6%, making it one of the states that has a low percentage of corporate tax, plus there is no income tax. Investment firm Elliot Management has chosen West Palm Beach to move from Manhattan along with its 466 employees.
The choice of where to live is less and less dependent on the workplace, since the possibility of remote work allows work to be carried out from anywhere in the world. Thanks to this, several families have moved to Florida to protect themselves from the Covid-19 pandemic and to enjoy the Florida eternal summer.
Approximately 70 financial sector companies have moved to Florida in the past three years. In addition, Palm Beach is home to more than 40 billionaires and 71 millionaires. For this and many other reasons, Florida is beginning to be considered the “Wall Street of the South. ”
You can enjoy all the benefits that Florida has personally or invest in a property that generates passive income.
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