By José E. Latour, Esq.
If we know anything about U.S. President Donald Trump, it’s that he fancies himself a smart businessman, hates paying taxes, and is always trying to come out financially ahead. After being a legal resident of the state of New York for his entire life, Trump finally cracked and relocated his official domicile to our beautiful state of Florida. Why?
While Florida offers an endless coastline of stunning beaches, a lush and green environment, and warm and sunny summers, in Trunp’s case is about the money. In relocating officially to Florida, the President is saying goodbye to both New York State income taxes AND New York City taxes, along with a host of other tax obligations. New York, like California and most other states, add a number of state taxes to already-existing federal tax obligations.
Not in our beautiful, sunny, Florida!
Think about it: no state income tax in Florida, while New Yorkers pay the highest state and city income taxes up to 12%. Similarly, Florida has no estate tax on property left by a deceased person to his/her heirs; New York’s is the highest in the nation, at an alarming 16%. In fact, across a broad average, New York state residents pay more than DOUBLE the annual tax burden than Florida residents.
We at LatourLaw have spent the past 2+ decades explaining U.S. state income taxation to clients and today, more than ever, Florida shines as an optimal investment/relocation/tax paradise for Vietnamese investors looking either simply invest in a US business or to relocate to the US with their families. If you are looking to invest in real estate or a commercial business in Florida, LatourLaw Vietnam can make it happen, right here in Vietnam and in YOUR language. Our Florida and HCMC offices work together 24/7 to administer the US investments of our valued AVS Private family office clients and investors.
Contact LatourLaw Vietnam to privately and in full confidence discuss your U.S. investment and immigration objectives and begin your U.S. future planning today!