Purchasing Florida Luxury Real Estate For Tax Benefits
No matter what the cycle is in, the basic tenets of real estate remain unchanged, consumers make their money in the buy. When purchasing real estate in Bonita Springs, Florida to establish residency there is a residual financial benefit, tax savings in the form of no state income tax. Add to that, moving a business to southwest Florida and enjoy other financial benefits such as impact fee abatement programs, tax incentives for job creation and rebate incentives to move to Bonita Springs or Lee County Florida.
Simply put, the State of Florida, Lee County and the city of Bonita Springs, Florida all want you to move here. They also want you to move your business here because business is booming in Florida. Benefits of moving a business to Florida include lower operational expenses when compared to many northern metropolitan areas and low corporate tax rates which can be as high as 14% in New York, for example. Businesses thrive in Florida’s low-tax environment and employees enjoy the benefit of no personal income tax.
Florida Real Estate + Residency = No State Income Tax
While it’s been quietly known for quite some time, recent press coverage has highlighted many Fortune 500 executives, working professionals, hedge fund managers, business owners and wealthy baby boomer retirees looking to cash out and save big bucks over the long haul by establishing residency and moving to Florida. The state income tax saving alone in the multi-millions of dollars.
Southwest Florida and many of the gated communities in Bonita Springs offer a tax haven and luxury lifestyle that the affluent and influential are purchasing in droves.
Bonita Springs and Estero, Florida luxury communities such as Bonita Bay Golf and Country Club, Pelican Landing, Shadow Wood at The Brooks and West Bay Club are wildly popular.
These luxury neighborhoods provide more than just a tax haven wrapped in real estate. They offer those with means executive level lifestyle with cultured amenities such as world class golf, exclusive tennis clubs, marina and private beach club memberships, plus exclusive, equity country club memberships.
Here are some great resources if you’re just beginning the research for moving to Bonita Springs Florida for the luxury lifestyle with the bonus of added tax benefits highlighting no state income tax:
- Florida Loves Snow Birds – Letter from Congressman Trey Radel (Rep)
- Business Insider: Do Millionaires Vote With Their Feet?
- ‘Wall St.’ flees NY for Tax-Free Fla.
- Tax flight a Reality for Frederick Business Owner – Bonita Bay
- Tax Savings Driving People to Florida
- Business is Booming in Florida
- The Tax Flight to Florida
- State Offered Incentives to Move Businesses to Florida
- Corporate Tax Advantages of Florida Businesses
- Florida Department of Revenue: Florida's Estate Tax
- Florida Department of Revenue: Tax Information for New Residents
- Florida Department of Revenue: Homestead and Other Exemptions
There are a variety of State, County and even City incentives you will want to know about which will positively impact your personal and corporate bottom line. No state income tax is powerful but there are often local incentives to investigate, also. If you are interested in speaking privately with Bonita Springs City officials and economic development committee-chairpersons or Chamber of Commerce officials, I’d be happy to arrange an private introduction to those who can best help your business or niche industry make the City of Bonita Springs it’s next home. - Chris Griffith 239-273-7430
All information provided at LifeInBonitaSprings.com is for information purposes only. You should always consult with a competent financial planner and legal professional licensed in your state and the state of Florida with respect to your particular situation before making any decision that involves your finances and/or home ownership.