The Tax Factor

The wonder is that more rich people don’t move here. People who move from Middle Atlantic and New England states, depending on the state, can save 8% to 9% of income that otherwise goes to state, county and city income taxes plus spare their heirs from piggyback state inheritance taxes.

Louis Balbirer, tax services principal at Kaufman Rossin in Fort Lauderdale, says establishing residency in Florida isn’t hard: Get a Florida driver’s license, own a home, register to vote, register the cars here. File for a homestead exemption to designate a Florida home as the primary residence. Live here at least 183 days a year.

States up north will have a hard time going after someone for income tax who does all that. Balbirer says high net worth individuals, advised by accountants or lawyers, establish residency properly.