The county's corporate tax rate is 5.5 percent, while there is no corporate income tax on limited partnerships. Individuals are not subject to state income taxes in Florida.
As a result, once the financiers arrive in Florida, the “vast majority” are establishing their domicile in the state because “they want the tax benefits,” Smallridge added.
Palm Beach is not the only Florida county taking advantage of the exodus from hiigh-tax states.
The Miami Downtown Development Authority is targeting Chicago-area businesses in a push to up its credibility as the “Wall Street of the South.”
Meanwhile, as FOX Business has been reporting, it’s not just businesses looking to relocate – but an increasing number of individuals, as well.
Miami is also ramping up efforts to recruit these unhappy families and individuals.
Around April 15, Miami real estate development firm Codina Partners launched its “Unhappy New Yorkers” campaign.
Armando Codina, executive chairman of Codina Partners, told FOX Business the firm also planned to launch similar campaigns targeting New Jersey and Connecticut.
Data from the U.S. Census Bureau showed that while Florida received more movers than any other state last year, New York's outflows to the Sunshine State were the highest – 63,772 people. New York had the third-largest outflows of any state, with 452,580 people moving out within the past year.
Individuals earning $650,000 can save more than $69,700 in taxes per year by moving from New York to Florida.
In addition to Florida, Texas and Nevada are other states that people are relocating to, according to multiple financial advisers.