Florida has become, in recent years, a true magnet for millionaires and high-income taxpayers who, in search of lower tax burdens and a better quality of life, are leaving traditionally affluent states like New York.
According to a report from the Citizen Budget Commission (CBC) cited by Bloomberg Línea, between 2017 and 2023, nearly 30,000 New Yorkers moved to Palm Beach and Miami-Dade counties, many of whom have incomes exceeding $250,000 per year.
This phenomenon has had a considerable fiscal impact. New York has lost more than $9.2 billion in tax revenue, while Florida has seen an increase in its local wealth and its appeal as a center of economic power.
This is further enhanced by the real estate boom in exclusive areas such as Manalapan, where billionaires like Larry Ellison, founder of Oracle, have invested in luxury properties worth up to 173 million dollars, as reported by Robb Report.
Analysts agree that this migration is driven not only by tax advantages, such as the lack of a state income tax in Florida, but also by a pursuit of greater security, quality of life, and economic freedom.
This "golden relocation" is redefining the wealth map in the United States and establishing the southern part of the country as a new financial hub.
However, while millionaires find in Florida an oasis of stability and growth, other migrant groups experience a radically different reality.
In particular, Cuban migrants are facing an increasingly hostile environment, marked by restrictive immigration policies reinstated or intensified by the administration of Donald Trump.
Recently, Trump ended protection programs like humanitarian parole and reinstated measures that seek to severely limit the entry and stay of migrants in U.S. territory.
In fact, more than 150,000 Cubans are at risk of deportation following the cancellation of the program that allowed them to enter the country legally since January 2023.
Cases like that of Heydi Sánchez, a Cuban mother deported without her daughter, who remained in the United States, have generated dismay and denunciations from human rights organizations.
Also, Governor Ron DeSantis signed a comprehensive package of laws that significantly toughens immigration policies in Florida. These measures include the criminalization of illegal entry into the state, the denial of bail to undocumented detainees, and mandatory participation of local authorities in the enforcement of federal immigration law.
In addition, an interdiction station was established on Interstate 10 and the state migrant transportation program was replaced with one that relies on the federal government.
The governor has also expanded the powers of state and local law enforcement agencies to enforce immigration laws, including the involvement of the Florida Highway Patrol in operations for the identification and detention of undocumented immigrants at checkpoints.
These policies have raised concern among human rights organizations and migrant communities, which report a rise in discrimination and fear among immigrants, especially Cubans who have recently arrived in the state in search of a better life.
This contrast highlights the structural inequality in the U.S. migration system. On one hand, Florida warmly welcomes those arriving with substantial capital, investments, and retirement plans; on the other, it criminalizes and excludes those seeking refuge for humanitarian reasons, fleeing economic crises and authoritarian regimes, such as the Cuban one.
The question that remains unanswered is: who has the right to migrate and be welcomed with dignity in the United States? While some can buy their space in the tax haven of the south, others risk their freedom, their families, and their future for a chance to start anew.
Frequently Asked Questions about Millionaire Migration to Florida and Immigration Policies in the U.S.
Why has Florida become an attractive destination for millionaires?
Florida attracts millionaires due to its lower tax burdens and the absence of a state income tax. Additionally, it offers a better quality of life, safety, and economic freedom, which has led to a significant increase in high-income individuals relocating from states like New York.
What has been the fiscal impact of high-income taxpayers migrating to Florida?
The migration of millionaires to Florida has had a significant fiscal impact, with New York losing over 9.2 billion dollars in tax revenue. Florida, in turn, has increased its local wealth and established itself as a new financial hub.
How does the tightening of immigration policies affect Cubans in the United States?
The tightening of immigration policies under the Trump administration has put nearly 550,000 Cubans in the United States at risk. These policies include the suspension of humanitarian permit programs and have created a hostile environment for migrants, with many at risk of deportation or facing lengthy legal proceedings.
What measures has Florida taken to control illegal immigration?
Florida has tightened its immigration policies under the administration of Ron DeSantis, including the criminalization of illegal entry, the collaboration of local law enforcement with federal authorities to identify undocumented immigrants, and the involvement of the Florida Highway Patrol in detention operations.
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