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Noble Financial CEO Nico Pronk explains how Florida provides a good quality of life and opportunity for financial professionals.
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All right and now to a safer and sunnier place it's more than the good weather that -- and Wall Street exact the Florida low taxes cheaper property values are attracting hedge funders.
To the sunshine state.
-- Sonny is black from my favorite place in the world Miami Beach with the tax play well our hey Sharon and news cafe.
Sure okay -- -- of the -- news cafe actually southeast and -- Versace's the company with have a coffee every morning very famous district.
Here Miami think you imagine this you're European getting you're living in Amsterdam and they're sick pay high taxes -- -- the financial industry you decide.
Gonna go somewhere else they get a little bit of a break and continue to do fine if that's exactly what -- -- today didn't it upon as the president.
Noble financial is the president CEO.
And you 125 years ago to get away from high taxes.
You think Florida why Florida.
I was given the opportunity exactly 25 years ago this month than that it has been a great move -- Texas was one motivation is really -- that the main motivation was the opportunity to work in America and work in the -- Although this is -- the financial capital of the world in South Florida but work on the on Wall Street and says -- -- the opportunity that was given to me was.
Very difficult to to to turn out.
Right to say I mean I think that what we're saying now is the Florida could become the next financial capital of the world I mean we're saying many hedge funds.
Executives coming down -- opening up -- you actually bid up the New York recruiting.
-- serving new employees basically at me how many have you know brought down from the tristate area down the -- Correct yeah we have been recruited from from New York and other parts of the country actually what over the -- we'll -- -- -- live images set.
United did -- start to become kind of a financial center also.
I at Gateway to to South America.
India with the American -- trades increasing.
Day by day there there's an opportunity for financial professionals here to to really do well.
The tax burden this -- these -- -- the Tax Foundation not one but the tax burden in New York is twelve point 8% -- Florida nine point 3% I mean you work.
In the United States has the top tax burden of all fifty states different is pretty easy to get these new guys and gals come down -- -- -- And -- not could now.
He's in our industry -- people who Yorker's -- New Yorkers they they think it's important to be in New York in the financial services industry.
With with which it is to a great extent but.
We've seen a -- at transit -- people moving down it's becoming a little bit easier after the financial crisis.
You know -- If some of the casualties that we've seen -- Bear Stearns and and and and Lehman and the like.
A lot of guys that worked eighty up radio weeks -- therefore one case disappear.
Pretty much overnight and they're starting to realize hey there's more than that money in the quality of life is coming in then.
At the end of the day of Florida where we don't pay state income taxes.
Those city taxes and easy commute to work and and a lifestyle that it is hard to be.
And that's I mean around Jamie that's got to be pretty get any of the the business climate if there's an index that business -- tax climate index 2013 new York at last Florida.
Number five I mean obviously the cost of doing business overall is better for you -- there have been for quite like.
-- -- didn't ask a lot happening employ other than the financial services industry you have governor bush -- a great initiative getting scripts script resistance due to.
To Florida that's creating a lot of jobs as a catalyst for for biotechnology developments.
-- -- -- earlier the the trade to to Latin America is increasing rapidly.
Took -- -- you know creating a lot of opportunities for a freedom professional.
You go from bad tell you certainly since -- -- have -- stomach is a -- it was in Europe until what taxes.
You -- still pay them with a lot less -- Florida.
Nick thank you very much thanks for coming down to the they credible news heavy by the way here in South -- is getting.
Actually more busy by the moment I don't like you know that about twenty minutes from now we're going to be speaking with -- that was -- -- -- association Peter.
Is -- talking to us about a commercial real estate here in South Florida.
Huge price.
Difference in commercial real estate per square -- We're about to be coming up at about twenty minutes from now that is Tracy back to you and I guess no New York I want -- and that's what I heard you know the well.
Thanks very much your home.
