Is Miami the New Silicon Valley?
Miami offers a true rags-to-riches story and proves that dreams can come true no matter how humble your roots are. What was once a retirees’ favorite destination, and oddly enough a crime-filled city as well has been transformed into one of the major business players in the US. Many are even predicting that Miami is on track to become the new Silicon Valley– the tech capital of the world. So what happened to spark this growth? Well, as it happens, it was the perfect alignment of a global pandemic colliding with a well-timed media/PR campaign with some sunshine thrown in for good measure.
The Pandemic Exposed Silicon Valley
When COVID-19 hit, people discovered that working from home was actually way easier than anyone could have ever imagined. This little bombshell shattered the big city illusion that having everyone in the same place facilitated business, or in San Francisco’s case, accessible meetings between tech city investors and startups. Post-pandemic, that believe no longer held court; it had been replaced with one simple word. Zoom. Meet anyone, anywhere, anytime, and you don’t even need to put your pants on.
Location, Location, Location
With very little to do but stay at home, the lockdown afforded plenty of thinking time, and people realized that since location was not the key to a successful career, that could be developed anywhere, then they needed to pick a location that worked for their personal and mental happiness. Leading the list of relocation options was Miami seemed, which seemed to provide that in spades, leading to a massive influx of new residents which provoked a real estate boom. This, in turn, sparked a tech exodus as people abandoned the Valley for the beach, and almost overnight. Whole companies moved their HQs to Miami becoming a key logistics location for everything. With two seaports and two airports, Miami is undoubtedly well connected logistically, and now it seems, technologically.
All Hail, Mayor Suarez
Of course, this was all helped along by Mayor Francis Suarez, who takes the crown of the social media king. In a series of well-timed tweets, he sold the sunshine, the tax-free haven, and the cost-efficient lifestyle, and he went viral. Next, he orchestrated a big push, investment-wise, to fund tech companies and the rest, as they say, is history. In true ‘Field of Dreams’ style, he proved that “If you build it, they will come”. Real estate sales are up, start-up tech company numbers are through the roof, and Miami is thriving. Silicon Valley is reaching for its coat and looking a little dejected.
Don’t Forget the Business Friendly Tax Haven
If you think Miami sounds like a dream destination, you are certainly not alone. But, relocating is a big commitment, so we will leave the party with one last mic drop for those wavering on the edge. Miami-Dade County has one of the most favorable tax structures you will find in the United States, well, actually the world. There are no corporate or personal income taxes, and local property and sales taxes are lower than in the big cities of NY and California. Even at a state level, individuals and businesses do not pay personal income tax.
And on that note, what are you waiting to pack?
