With lower tax rates, a large number of investors are getting interested in moving to Florida , especially when it comes to the real estate business. Barry Sternlicht a well-known real investors said that he is also one of those numerous investor who recently choose and move to Florida, USA.
At the CNBC Institutional Investor Delivering Alpha Conference which happened on Tuesday, he and billionaire Paul Tudor Jones represent just a few of the recent deportees and he said that “There’s a massive exodus from Connecticut”. He also added that lots of workers from Wall Street will do the same thing as they did.
He said that “As of July 1, I’ve become a resident of Florida.” When he was asked if his departure was fueled by higher taxes, he then said “Yeah.”
Barry Sternlicht runs the Starwood Capital Group and he joins David Tepper and Paul Tudor Jones, who are the billionaire hedge fund managers to move to the Sunshine State. They are lack of income and personal taxes.
According to filings, Tepper made the move late last year from New Jersey while Jones was from Connecticut. The Appaloosa Management owned by Tepper is now based in Florida and Tudor’s Investment Corp hasn’t made any movement and stayed in Connecticut.