They Keep on Coming Despite a decline in real estate sales to international buyers in 2023 over the previous year, Florida is expected to remain the top U.S. destination for foreign real estate buyers (just as it does for domestic buyers from other states). And that’s a ranking likely to stay for a while, as Florida is the acknowledged choice destination for resettlers from other, high-tax states, especially California and New York which are hemorrhaging their populations – largely to the confirmed low-tax states of Florida and Texas. Neither Texas nor Florida has state income taxes or estate (inheritance) taxes. For the rich and super rich, such as former Boston Patriot quarterback Tom Brady, or Jeff Bezos – founder of Amazon and recent arrivals from Seattle to Miami, saving millions of tax dollars every year is a given. It’s not only the sun (though that helps) that draws increasing numbers to these states. According to the 2022 census, Florida’s population exceeded 22 million and was growing by hundreds each day to become the fastest-growing state in the U.S. – now the third most populous after California and Texas. As for where in Florida they’re going, see CHART B. *Milan is a medical/international affairs writer who has been covering cross-border issues for 30 years. He is a dual Canadian/American citizen and lives and works in Fort Lauderdale, Fl. He can be reached at mkorcok@aol.com Real Estate CHART B A supplementary survey by Florida Realtors noted that 45 per cent of respondents cited location, location, location as the top factor influencing their purchase. Another 24 per cent cited investment profitability as the buyer’s key motivation, and/or security of investment. In the period August 2022 to July 2023, 19,500 homes were purchased by foreign buyers: 18 per cent by Canadians, 10 per cent by Colombians, seven per cent each by Brazilians and Argentinians, and four per cent by citizens of the U.K. The median price for these purchases was US$416,000 (compared to $383,000 for domestic buyers). And the top international buyer choices in Florida were: Miami/Fort Lauderdale/West Palm Beach 47 per cent Orlando/Kissimmee/Sanford 14 per cent Tampa/St.Petersburg/Clearwater 8 per cent Cape Coral/Fort Myers 6 per cent North Port/Sarasota/Bradenton 4 per cent Naples/Immokalee/Marco Island 4 per cent CSANews | SUMMER 2024 | 31
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