Virtu Financial Becomes Latest Corporation to Ditch NYC in Favor of Florida
5th January 2021
As the year has progressed, companies and executives have continued to leave places like California and New York (and their liberal political leaders) in favor of lower taxes and less regulation in places like Texas and Florida. Companies like Elliot Management and Goldman Sachs have also moved some offices to Florida.
Virtu is the latest to follow suit, according to Bloomberg. It’ll be moving about 30 people to Palm Beach Gardens and is closing in on signing a 10 year lease. By the end of this year the firm expects total employees in Florida to rise to 50 people, about 10% of their workforce. The Palm Beach location is set to become a “full-fledged base” for the company, the report says. Employees who transfer will effectively get an 11% bump in pay due to Florida having no income tax.
Time to leave.