Amazon founder Jeff Bezos is moving to the Sunshine State.
In a sentimental Instagram post Thursday, which included old footage of the very first Amazon office located in Bezos' former garage in the Seattle suburb of Bellevue, the billionaire said he's moving to Miami. His reasons for relocating include a desire to be closer to his parents; his partner, Lauren Sanchez; and Cape Canaveral, where operations for his space exploration company Blue Origin "are increasingly shifting," according to the post.
"As exciting as the move is, it's an emotional decision for me," Bezos said in the post. "Seattle, you will always have a piece of my heart."
View this post on InstagramA post shared by Jeff Bezos (@jeffbezos)
Bezos established Amazon in Seattle in 1994, contributing to the city's transformation into a vibrant technology hub. He helmed the company until 2021, at which time he stepped down as CEO to focus on other ventures, such as his aerospace company.
Bezos' cross-country move comes months after the billionaire bought two South Florida mansions worth $79 million and $68 million, respectively, Bloomberg reported.
However, being close to friends and family won't be the only perk to living in Miami for Bezos. The move could also save him loads of money on taxes.
Washington State, where Bezos currently lives, recently passed a 7% tax on capital gains, which could cost wealthy individuals like Bezos millions, according to the state's Department of Revenue. Under that new tax, Bezos would owe $70 million in state taxes for every $1 billion of Amazon stock he sells, according to CNBC Wealth Reporter Robert Frank.
By comparison, Florida is one of nine states that does not have state income or capital gains taxes, according to Investopedia.
Several other ultra-wealthy individuals have recently made the move to Miami to take advantage of the state's generous tax laws. Last year, Ken Griffin, the wealthiest man in Illinois, moved his family and his Chicago-based hedge fund to Miami. Hedge fund tycoons Dan Loeb and Josh Harris have also purchased palatial mansions in Miami Beach in recent years, Insider reported.
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