Florida is among the few states that do not impose individual income tax, which makes it especially desirable. That said, if you're considering getting a permanent residence in West Palm Beach, the process is a little more challenging than simply loading up your personal properties and relocating there.
Only people who reside in Florida as their primary residence are eligible to claim residency. To avoid paying state income tax and inheritance tax are among the common reasons why several people seek to move their residency to Florida. But there are also some people who are interested in moving to Florida so they can benefit from the state's asset protection regulations.
Varying sections of Florida law have different definitions for the word "Florida resident." Establishing Florida residency for purposes of state income taxes demands physical presence in the area for the majority of the year. On the other hand, there is no minimum occupancy requirement to be a resident of Florida for asset protection.
One of the simplest ways to prove your residency in Florida is to file a formal declaration of domicile. This expresses your intention to keep Florida as your primary residence. If you think you’re going to live permanently in Florida, you are considered to have "domiciled," making you eligible for state advantages and programs including no state inheritance tax, estate tax, or income tax.
A domicile declaration is one thing. In actuality, you need to physically relocate to Florida. You must do so by renting an apartment or house, establishing residency there, and changing your mailing address for both state and federal tax reasons.
You have until March 1 to submit an application for the Florida homestead property tax exemption if you decide to buy a house, which will save you money and assist you in establishing state residency.
One of the most important procedures you may do to declare residency is to transfer your driver's license to Florida. Within 30 days of establishing residency, you must do this. Don't forget to secure a state-issued ID if you don't drive.
The next step after receiving your driver's license is to register your car in Florida by going to a motor vehicle service center. You must get in touch with any out-of-state lienholders if you want to transfer the title to Florida. Additionally, you have about ten days after establishing residency to get Florida auto insurance.
You can only cast a ballot in Florida if you live there. Although it isn't necessary for Florida residency, it is necessary if you intend to vote in both municipal and federal elections. Once you have received a Florida government-issued identification card, you can register to vote.
Apart from those mentioned above, you can also change your address with the Social Security Administration, purchase health insurance in Florida, or move your financial assets to Florida. Schedule an appointment with us if you have any questions.