The rich American -Americans are going to Florida but they should not be

Many of the richest people in the United States have moved to Florida, known for their lack of income taxes. Among the resident billionaires of The Sunshine State is the founder of Amazon, Jeff Bezos and Ken Griffin, the financier of the Citadel coverage fund.

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However, moving -for tax savings does not always pay the rich. Gobankingrates spoke to Henry Silva, Apollon Wealth Management wealth management adviser, about the reason the ultra-rich ones Think twice before uprooting your life and moving to Florida.

Although Silva himself lives in Miami, he said that moving to Florida will not be the right option for everyone.

“For families of great net value, only the income tax of the state of Florida should not be the decisive factor when a major relocation is proposed,” he said. “The financial image here is much more complex than a unique tax line.”

For one, there are certain needs that are likely to be individuals of net value pay more for In Florida.

“Home insurance premiums have shot,” Silva said. “Whether it is customers, friends or family, almost all of them have faced a significant increase in their premiums, sometimes unexpectedly. And it is not only in Miami, this affects the properties throughout the state.

“He adds that the cost of property taxes, flood assessments and limited public school options depending on the area, and suddenly the movement is not so efficient in fiscal,” he said.

Silva believes that the movement “must make sense beyond taxes”.

“You should align with your lifestyle and long-term vision,” he said. “Without that, you only pursue trends and trends can be expensive.”

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This is not just a housing insurance and property tax insurance that the potential Florida homes buyers must be taken into account.

“One of the most important surprises, especially for people seeking to buy near the beach or in high height condominis, is the requirement of the study of the reserve of structural integrity (SIRS),” said Silva. “After the tragic collapses from the shampo towers, Florida has been reduced to the way the condominiums maintain reserves for structural repairs. Now owners suddenly are affected by special mass evaluations or monthly increases to update.”

These additional payments are often not anticipated.