South Florida’s lifestyle and tax friendly environment continue to attract individuals and corporations from around the world. With international political and economic unrest, the United States is still considered a safe haven. Also the new U.S. tax law, limiting the mortgage interest deduction and deductions for state and local taxes (SALT), has been a positive for South Florida and has led to the migration of many wealthy individuals from high tax states. Some top tier executives are also moving their businesses and staff to South Florida, as well. These moves are taking hundreds of millions dollars in tax revenue dollars from high-tax states and directly benefiting South Florida’s economy. New York has seen the biggest population decline followed by Illinois while Florida saw the highest level of domestic migration.
South Florida has always been a destination for Latin American buyers. With the exception of Venezuela, Latin America is positioned for a better year economically, especially Brazil. With a new government in place, Brazil has re-energized its economy and this is a benefit to South Florida. In 2018, Brazilians accounted for one in eight sales in the Miami, Broward, and West Palm Beach areas according to statistical data from the National Association of Realtors. In addition to Latin America, Mexico is another country that is experiencing growth. The number of millionaires in Mexico is expected to increase by one-third to more than 140,000 in the next five years. Many of these individuals will be looking at real estate in South Florida as a safe haven for their new found wealth.
The desirable lifestyle and climate in South Florida, combined with pro-business incentives, job growth, tax benefits and a lower cost of living are very appealing for both domestic and international buyers. Many not only look to South Florida as a place to invest, but also to call home.