Amazon co-founder Jeff Bezos may have moved to Miami to be closer to his parents, but it has also resulted in $610 million in his kitty. Money saved is money earned, and Bezos’ move to Miami will help him save over $600 million in taxes over the next year. The biggest perk with this development was that Florida has no state income tax or capital gains tax, while Washington, where he lived earlier, introduced a 7 percent capital gains tax on sales of stocks or bonds of more than $250,000 in 2022.
Per CNBC, Bezos sold billions of dollars worth of Amazon since 1998 and made it a regular practice. This was how he funded his philanthropic endeavors and his space company Blue Origin. The regularity was interrupted in 2022 when the tax took effect. He didn’t sell any Amazon stock in 2022 or 2023, giving only $200 million of shares at the end of last year. With the move to Miami, his plans are back on track, and the tech tycoon has already launched a pre-scheduled stock-selling plan to unload 50 million shares before Jan. 31, 2025. With no state income tax or tax on capital gains, the billionaire, worth $193 billion, saved a cool $140 million on the $2 billion sale last week.
By selling 50 million shares, the world’s third richest man will save at least $610 million in capital gains tax. Luck truly favors the rich; with Amazon stocks increasing by 15% this year, the value of Bezos’ share will increase along with his tax savings. He has indeed covered the cost of his incredible Oceanco beauty Koru Yacht by one simple move. The businessman shared on Instagram a sentimental post about leaving Seattle that he considered his home.
He wrote, ‘Seattle has been my home since 1994 when I started Amazon out of my garage. That’s my dad behind the camera in this video, touring Amazon’s first “office.” My parents have always been my biggest supporters. They recently moved back to Miami, the place we lived when I was younger (Miami Palmetto High class of ’82 — GO Panthers!) I want to be close to my parents, and Lauren and I love Miami. Also, Blue Origin’s operations are increasingly shifting to Cape Canaveral. For all that, I’m planning to return to Miami, leaving the Pacific Northwest. I’ve lived in Seattle longer than I’ve lived anywhere else and have so many amazing memories here. As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart.’
The decision is emotional indeed laced with tiny financial benefits. His home in Miami will be located in the Miami area dubbed, “Billionaire Bunker,” an exclusive, man-made barrier island with 40 waterfront properties. The tycoon owns two waterfront properties in Indian Creek Village, priced at $79 million and $68 million. He possesses a total of a whopping 5 acres in the exclusive neighborhood. This fantastic idea will help him make the most of Miami, his megayacht and the mesmerizing milieu as he will sell even more Amazon shares in the years to come.
