From California to Miami
Why Executives Are Moving to Zero State Income Tax And How This Fuels Florida’s Luxury Real Estate Boom
Over the past decade, a powerful shift has been reshaping the corporate and financial map of the United States. Senior leadership teams and high earning executives are leaving high tax coastal hubs such as California, New York, and Illinois and relocating to South Florida, with Miami and Palm Beach at the center of this transformation.
What was once viewed primarily as a lifestyle destination has evolved into a strategic base of operations for corporate leadership, private banking, and ultra high net worth capital. This migration is not driven by fashion or temporary cycles. It is the result of structural forces: tax efficiency, operating cost optimization, executive retention, and access to one of the most dynamic luxury real estate markets in the country.
For senior decision makers, the key question is no longer if South Florida fits into their long term plans, but how to structure their relocation and real estate strategy to maximize lifestyle and capital appreciation. Ivan and Mike Team, led by luxury real estate advisors Ivan Chorney and Michael Martirena, operate precisely at that intersection, advising executives and families who see Miami not just as a place to live, but as a core component of their long term wealth strategy.
Miami Luxury Real Estate as a Strategic Wealth Anchor
The migration from California, New York, and other high tax states is not simply about geography. It is about repositioning capital into one of the most resilient luxury real estate markets in the United States.
Miami luxury real estate has evolved into a globally recognized asset class. From waterfront estates in Coconut Grove to oceanfront residences in Miami Beach and vertical luxury condominiums in Brickell, the region now competes with New York, Los Angeles, and international markets for ultra high net worth capital.
- For executives relocating from high tax states, the transition often includes three simultaneous moves:
- Establishing Florida residency for tax optimization
- Acquiring a primary or secondary luxury residence in Miami Reallocating capital into high quality real estate assets with long term appreciation potential
This convergence is fueling sustained demand for Miami luxury homes, Miami waterfront estates, Brickell luxury condos, Coconut Grove luxury homes, and ten million dollar plus properties across South Florida.
The Corporate Migration to Florida
Why Executives Are Leaving High Tax States
Over the last several years, states such as California and New York have seen a sustained outflow of corporations and high income residents. Top marginal state and local income tax rates frequently exceed double digit percentages for high earners, on top of high operating costs, complex regulation, and growing concerns around urban quality of life in cities like San Francisco, Los Angeles, and New York City.
Florida offers the opposite environment. There is no state income tax on personal earnings, a pro business regulatory framework, and significantly lower operating costs relative to major coastal markets. The Miami Fort Lauderdale Palm Beach corridor also benefits from world class international connectivity, making it an ideal base for companies with global operations across Latin America, Europe, and the rest of the United States.
The rise of remote and hybrid work accelerated this trend. Executive leadership no longer needs to be concentrated exclusively in legacy financial hubs to access top talent and global markets. Miami offers a compelling combination of tax efficiency, climate, security, and lifestyle that directly appeals to senior leadership.
Zero State Income Tax: The Silent Catalyst
One of the most powerful drivers behind the relocation to Florida is simple and quantifiable: the state does not levy personal income tax. Salaries, bonuses, stock options, investment income, and other personal earnings are not subject to state taxation, unlike in high tax states where marginal rates can easily exceed 10 percent for top earners.
For an executive earning between five hundred thousand dollars and several million dollars annually, relocating from a high tax state to Florida can translate into yearly tax savings ranging from tens of thousands to well over half a million dollars, year after year. Those savings compound over time, significantly increasing long term liquidity and investment capacity that can be strategically allocated to luxury real estate and other assets.
From a corporate standpoint, Florida’s corporate income tax remains materially lower than in high tax coastal states, and the absence of a state estate or inheritance tax further strengthens its appeal for long term estate planning and generational wealth transfer. Many high net worth individuals combine three decisions into one move: establishing Florida residency, acquiring a primary or secondary residence in Miami, and designing a more efficient legacy and succession plan.
This is where Ivan Chorney and Michael Martirena play a critical role. Through Ivan and Mike Team, they help clients transform tax savings into intelligent real estate decisions, turning financial strategy into tangible assets across Miami’s most prestigious neighborhoods.
Business Environment, Connectivity, and Quality of Life
Beyond taxation, South Florida offers a business environment that supports long term growth. The Miami Fort Lauderdale Palm Beach corridor provides direct air links to major cities across Latin America, Europe, and North America, allowing executives to run global operations while based in Miami.
Miami delivers a unique combination:
- A strategic geographic position between North and South America
• A deepening ecosystem of financial services, family offices, and institutional investors
• A lifestyle profile that enhances executive retention and recruitment
For senior leadership and their families, lifestyle is a strategic variable, not a secondary benefit. South Florida offers a warm climate, year round outdoor living, and immediate access to beaches, marinas, and golf. The region also features a broad network of top tier private schools, universities, and healthcare providers, as well as cultural diversity, world class dining, and a cosmopolitan social environment anchored in art, design, and philanthropy.
Combined with tax efficiency, this mix makes Miami one of the most compelling long term bases for executives and high net worth families in the United States.
Miami’s Luxury Real Estate Market: A Mature Global Hub
Depth, Liquidity, and Record Setting Sales
The South Florida luxury real estate market has reached a level of maturity and liquidity without precedent in its history. In 2025, Miami Dade, Broward, and Palm Beach counties recorded 361 residential sales above 10 million dollars, nearly one ultra luxury transaction per day. The consistency of this volume indicates a broad, stable base of qualified buyers rather than isolated trophy deals.
Miami Dade also set a new residential price record in 2025 with an off market waterfront sale on Star Island at approximately 120 million dollars, firmly positioning Miami among the top luxury markets worldwide.
Approximately 40 percent of all residential transactions in Miami are all cash. In the 10 million dollar plus segment, more than 80 percent of purchases close without financing, insulating the market from short term interest rate volatility.
Miami luxury real estate is no longer emerging. It is established, liquid, and globally competitive.
Who Is Driving Demand in the Miami Luxury Market
Three primary buyer profiles power the high end market today:
- Executives relocating from high tax states, motivated by tax savings, quality of life, and corporate relocation.
- Institutional investors and family offices allocating capital to Miami for its strong fundamentals and global demand.
- International buyers seeking a dollar denominated, legally secure market with long term appreciation potential.
Wealth migration data shows that the Miami metropolitan area has experienced one of the fastest increases in its millionaire population globally over the last decade, reinforcing its role as a rising epicenter of global wealth.
Where Executives Are Buying: Key Miami Luxury Neighborhoods
Senior executives and high net worth families do not treat Miami as a single homogeneous market. They analyze micro markets, each with its own lifestyle profile, price dynamics, and long term value thesis.
Brickell: Financial Core and Vertical Luxury
Brickell has evolved into the primary financial district of Miami, often described as Wall Street South, and has become a vertical luxury neighborhood in its own right. High rise residences offer resort style amenities, concierge services, and panoramic views of Biscayne Bay.
For executives working in Brickell, living within walking distance translates into unmatched efficiency and lifestyle integration. Brickell luxury condos typically range from approximately 800 to more than 1,500 dollars per square foot depending on building pedigree and views.
Coconut Grove: Privacy, Waterfront Living, and Long Term Value
Coconut Grove is one of Miami’s most established and sought after residential neighborhoods, known for its lush canopy, marina access, and low density character.
Demand for Coconut Grove luxury homes, particularly waterfront estates and boutique condominium residences, continues to intensify. Prime properties frequently exceed 10 million dollars, supported by limited inventory and sustained demand from executives and families prioritizing privacy and long term appreciation.
Miami Beach, Surfside, and Bal Harbour: Oceanfront Ultra Luxury
For buyers who prioritize direct ocean views and resort level living, Miami Beach, Surfside, and Bal Harbour remain benchmarks in the United States luxury landscape. Oceanfront properties in these enclaves deliver lifestyle prestige and strong global demand fundamentals.
Coral Gables: Timeless Architecture and Stability
Coral Gables offers Mediterranean architecture, historic estates, and long established prestige. Ultra luxury properties in Coral Gables regularly exceed 10 million dollars, especially near waterfront and golf course locations.
Edgewater: New Generation Luxury and Urban Connectivity
Edgewater continues to attract younger executives and investors seeking modern design, bay views, and proximity to Brickell and Downtown. It represents the evolution of contemporary Miami luxury condominiums.
Strategic Real Estate Decisions for Executives and Families
For executives and high net worth families relocating to South Florida, real estate is not a housing decision. It is a strategic asset allocation decision.
Neighborhood selection directly impacts:
- Daily efficiency
- Family ecosystem
- Capital appreciation potential
- Portfolio resilience
Aligning role, family structure, investment horizon, and risk profile requires granular knowledge of sub markets and cycles. This is where elite advisory becomes indispensable.
How Ivan Chorney and Michael Martirena Position Their Clients
In a market as competitive and global as Miami luxury real estate, representation is a strategic differentiator.
Michael Martirena and Ivan Chorney of Ivan and Mike Team are recognized among the top performing luxury real estate teams in South Florida and nationally. With over two billion dollars in career sales volume and a dominant presence in Miami’s new construction and ultra luxury segments, they operate at the level sophisticated buyers expect.
Their approach is built on three pillars:
- Strategic advisory aligned with long term wealth planning
- Access to off market and pre construction inventory that defines the ten million dollar plus segment
- White glove, data driven execution from negotiation through closing
For executives accustomed to working with top tier advisors in every aspect of their lives, representation by Ivan and Mike reflects that same standard of excellence.
They are not simply facilitating transactions.
They are structuring outcomes.
Why Executives Are Moving to Miami
For clarity and strategic positioning, the executive migration to Miami is driven by five measurable factors:
- Zero state income tax and long term liquidity enhancement
- Estate planning efficiency with no state inheritance tax
- A mature and liquid Miami luxury real estate market
- Global connectivity for international operations
- A lifestyle ecosystem that enhances executive performance and retention
This is not a temporary relocation wave. It is a structural wealth migration.
Turning Relocation into a Strategic Advantage
Corporate and wealth migration to Miami is not temporary. It is a structural realignment in which capital and leadership choose to live and operate.
For executives and high net worth families, the question is not only where to live, but how to convert relocation into a strategic advantage by optimizing taxes, preserving lifestyle, and positioning Miami luxury real estate as a core component of long term wealth.
With Michael Martirena, Ivan Chorney, and Ivan and Mike Team as dedicated advisors, relocation becomes more than a move. It becomes a carefully orchestrated wealth strategy executed with discretion, precision, and deep local expertise.
Request a Private Executive Relocation Strategy Session
If you are evaluating a move from California, New York, or another high tax state to Florida, the decision requires precision. Tax planning, residency structuring, and real estate acquisition must align seamlessly.
Ivan Chorney and Michael Martirena offer confidential, one on one executive briefings tailored to high net worth individuals and leadership teams considering relocation to Miami.
This is not a property tour.
It is a strategic planning session.
About Ivan & Mike
Ivan Chorney and Michael Martirena are the founders of The Ivan & Mike Team at Compass Florida, one of the most distinguished luxury real estate teams in the United States. With more than $2 billion in closed transactions, they are recognized among the Top 10 Medium Teams in the U.S. by RealTrends and #1 in New Construction Sales in Miami.
Ivan & Mike are celebrated for their deep market intelligence, developer partnerships, and discreet, relationship-driven approach. Their clients include UHNWIs, CEOs, athletes, and global investors seeking strategic acquisitions across South Florida.
Their mission is simple:
“We connect extraordinary people with extraordinary properties, delivering not just a transaction—but a lifestyle.”
Their insights have been featured in The Real Deal, Forbes México, Mansion Global, Inman, and The Wall Street Journal, positioning them as architects of Miami’s luxury lifestyle.
📍 Based in Coconut Grove, Miami, FL 📞 (305) 907-7948 📧 ivan.chorney@compass.com** | **mike.martirena@compass.com 🌐 www.ivanandmike.com
Is Miami luxury real estate a good long term investment for executives relocating from California or New York?
Yes. Miami luxury real estate has demonstrated resilience due to limited waterfront supply, high all cash transaction volume, and sustained domestic and international demand. For executives relocating from high tax states, reinvesting tax savings into Miami luxury homes or waterfront estates can serve as both a lifestyle upgrade and long term capital preservation strategy.
How do executives establish Florida residency to benefit from zero state income tax?
Establishing Florida residency typically requires demonstrating primary domicile through physical presence, property ownership or lease, driver licensing, voter registration, and financial ties within the state. Many executives coordinate this process with tax advisors while acquiring Miami luxury real estate to anchor residency qualification.
What price range defines the ultra luxury market in Miami?
In Miami, the ultra luxury segment typically begins at 10 million dollars and extends significantly higher for trophy waterfront estates and branded oceanfront residences. This segment operates with a high percentage of all cash buyers and is largely insulated from short term volatility.
