Family offices are no longer anchored to the city where the family fortune was made. Families now spread their lives across jurisdictions, time zones and residences, and the offices that serve them increasingly follow.

For much of the last decade, one destination has stood out for family offices in the United States: Miami, Florida. This article looks at why family offices relocate, why so many choose Miami, and what to weigh before moving a family office to Florida.

Why family offices relocate

Families rarely relocate for a single reason. In conversations across our community, the same five drivers come up again and again.

  • Tax and regulatory predictability. Families plan in decades, not quarters. They look for jurisdictions where the rules are clear and unlikely to shift with every election cycle.
  • Quality of life for the whole family. The decision is no longer made by the principal alone. Schools, healthcare, safety and climate weigh as heavily as returns.
  • Access to deal flow and peers. Capital goes where other capital already is. Proximity to founders, fund managers and like-minded families turns into co-investment opportunities.
  • Talent. A modern family office needs investment professionals, lawyers and advisors. They need to be able to hire them locally.
  • A global next generation. Heirs who studied and worked across several countries expect the family's platform to be just as mobile.

Why Miami attracts family offices

Miami answers more of those drivers at once than almost any other city in the United States.

No state personal income tax. Florida does not levy a personal income tax on individuals (Florida Department of Revenue). For families relocating from high-tax states, that alone can change the economics of where the family office sits.

Wall Street South. Major financial firms have followed the wealth. In June 2022, Ken Griffin told employees that Citadel and Citadel Securities would move their headquarters from Chicago to Miami, with a permanent tower planned on Brickell Bay (Fortune). Hedge funds, private equity firms and wealth managers have opened offices in Miami and Palm Beach over the same period.

A concentration of private wealth. Reporting on Henley & Partners' study, Miami New Times describes a substantial concentration of private wealth across Miami, Miami Beach and Coral Gables, and reports that the area's millionaire population grew by 94% between 2014 and 2024 (Miami New Times).

New York hours, Latin American reach. Miami runs on Eastern Time, the same clock as New York. It is also a hub between North and South America, with flights to Mexico City, Bogotá and São Paulo and direct routes to Europe. For families whose businesses or relatives span the Americas, this connectivity can be especially convenient.

A life families choose to stay for. Ocean, climate, culture, a growing range of private schools and a social life that welcomes newcomers. Relocation to Miami tends to feel like an upgrade rather than a compromise, which matters when the whole family has to agree.

Moving a family office to Florida: what to weigh

Miami is not the right answer for every family, and the families who move successfully treat it as a structured decision.

  • Domicile is more than an address. Leaving a high-tax state usually requires proving a genuine change of residence. Advisors on both ends should be involved early.
  • Federal rules still apply. Florida removes state personal income tax, not federal tax or reporting obligations. International families also need to plan for US tax residency.
  • Cost of living has risen. Prime real estate, insurance and private school fees in South Florida have climbed alongside demand.
  • Climate and insurance risk. Hurricane exposure and property insurance belong in any long-term housing and office plan.
  • Building a local network takes time. The benefits of a new hub come from relationships, not just presence.

Dynasty Summit Miami 2027: meet the family office community

That last point is why Dynasty Summit is coming to Miami. After our Barcelona gathering, we are bringing the global family office community, established and next-generation families, and private capital together at The Sunny Miami in November 2027.

The programme combines keynotes on wealth, technology and culture with curated roundtables, private dinners and oceanfront evenings. Attendance is subject to Advisory Board approval.

If your family office is considering Miami, or is already there, we would be glad to welcome you. Request to attend Dynasty Summit.

This article is for general information only and is not tax, legal or investment advice.

Frequently asked questions

Why are family offices moving to Miami?

Florida has no state personal income tax, major financial firms have opened offices in South Florida, and Miami combines New York business hours with access to Latin America and Europe. Lifestyle and a growing community of peers matter too.

Does Florida have a state income tax?

Florida does not levy a personal income tax on individuals. Federal taxes and reporting obligations still apply, and businesses have their own state filing requirements.

What should a family office consider before relocating to Florida?

Proof of a genuine change of domicile, federal and international tax planning, rising costs of living and insurance, hurricane risk, and the time it takes to build a local network.

Where can family offices meet in Miami?

Dynasty Summit Miami brings the family office community together at The Sunny Miami in November 2027. More about attending is in our FAQ.

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