How much will millionaire Jeff Bezos save on taxes by moving to Florida?

Jeff Bezos moved to Miami, Florida, to save on taxes resulting from the sale of his Amazon stock. (EFE/Michael Reynolds)

Jeff BezosThe billionaire founder of Amazon is implementing a financial strategy that will allow him to save more than… 610 million dollars In taxes thanks to his move to Miami, Florida, a state that has no income or capital gains taxes, according to the information he revealed CNBC.

These significant savings are the result of selling Amazon stock at a value $2 billion from Bezos. According to reports, the businessman, who is competing with Bill Gates and Elon Musk for the title of the richest person in the United States, made this strategic move after leaving Seattle, his home for 30 years, behind.

The motivation behind Bezos' change of residence appears to be largely influenced by Florida's favorable tax system. In 2022, Washington implemented a new 7% capital gains tax on stock or bond sales exceeding $250,000, which would have represented a new tax liability for Bezos on his stock transactions.

It is expected to save Bezos more than $610 million in taxes in Florida (Reuters/Clodagh Kilcoyne)

The news of the sale of Bezos' shares was announced after the businessman notified the US Securities and Exchange Commission of his plan to dispose of 50 million shares before January 31, 2025, which at current values ​​would reach $8.7 billion.

In his first deal worth $2 billion last week alone, Bezos It generated savings of $140 million in taxes that would have had to be paid to Washington state. In the total sale over the next two years, the tax savings figure will amount to approximately $610 million or more, if the value of Amazon shares continues to rise, the newspaper confirmed. Watchman.

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Additionally, since moving to Florida, Bezos has acquired two mansions on Indian Creek worth a total of $147 million, and is also known to be looking at three additional properties on the island, known as “Billionaire's Hideout”where figures such as quarterback Tom Brady, Ivanka Trump, her husband Jared Kushner, and investor Carl Icahn also reside. Bezos is expected to demolish existing homes to build a new residence, the total cost of which will exceed $200 million.

With the first sale of shares, Bezos saved $140 million in taxes that he would have paid in Washington state (Santiago/Reuters)

It appears that Bezos' change of residence appears to be driven not only by tax issues, but also by personal and professional desires. “I have lived in Seattle longer than I have lived anywhere else and have so many great memories here. Although this move is exciting, it is an emotional decision for me,” he wrote in an Instagram post cited by the newspaper. “Seattle, you will always be a part of from my heart”. Watchman.

The businessman also indicated that his move to Miami, the city in which he grew up, includes family reasons, as he wants to be closer to his parents who recently returned to this area. Additionally, Jeff Bezos mentioned Florida's attractiveness to his space exploration company, blue original, Which expands its operations to Cape Canaveral. “We love Miami,” Bezos said, according to a post from the company. Fox News.

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Myrtle Frost

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