The French bank BNP Paribas follows the wave of large financial institutions and opens an office in Miami. The growing number of potential clients in the region is the factor that motivated the decision, in addition to the friendlier tax environment. It is the bank’s first office in the city, following the strategy of expanding its business in the US.
BNP Paribas chose the Brickell neighborhood in downtown Miami, also known as the Financial District of South Florida. Brickell, in the last ten years, has undergone a real transformation, receiving several residential projects and becoming one of the most desirable neighborhoods in Miami for those looking to live, have a second home or make a solid real estate investment in Florida.
The new office will be located at 801 Brickell Ave, in a space with capacity for up to 50 employees. The forecast for opening the new office is for the fourth quarter.
In recent years, the city of Miami, and South Florida in general, has experienced an intense flow of new residents from other states. A large part of this public comes from the northern states of the USA and California, regions known for being home to high-income people.
Miami: The New Wall Street
In addition to the qualified public that Florida has been receiving, another great appeal for financial institutions to migrate their divisions to the “Sunshine State”, especially to the city of Miami, is the friendly tax environment. Florida has no State Income Tax.
BNP thus joins a wave of financial institutions moving to Florida to be closer to their employees and customers and still take advantage of a more “business friendly” environment. Last year, Citadel announced that it would move its headquarters from Chicago to Miami. Other examples are hedge fund D1 Capital Partners and venture capital agency Andreessen Horowitz.
With that, the city of Miami became known as “The Wall Street South”.
Not only financial institutions seek the “Magic City” to host their operations. Technology companies also found Miami and other cities in Florida the ideal environment to carry out their activities. Miami, with that, gained another nickname: “The New Silicon Valley”.
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