Why the Super-Rich Love South Dakota (insurance, agent, millionaires, property taxes)
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I was not aware that South Dakota was a haven for the super rich. I do know that South Dakota has been a haven for several hundred thousand Americans who do not live in the State. I was one of them for several years. No State income tax is only one of the attractions. In addition it is easy to become a resident and to maintain residency while traveling. The lack of an annual vehicle inspection also helps. The low costs for vehicle insurance and medical insurance also help. Overall the State is friendly for those of us who were or are full time RVers.
I can give endless examples. When I started as a full time RV traveler, I set up a mailing service a few weeks in advance. I traveled to SD and stayed overnight in an RV park. The next day I went to the DMV with the park receipt and a bank statement showing my SD mailing service address. Within a couple of hours, I was a resident with a SD drivers license and vehicle registration. I visited an insurance agent and updated my vehicle and health insurance policies. We spent a couple of weeks in the State visiting some spectacular places and then left without returning for years. When my driver's license was stolen in California, SD sent me a temporary replacement and I had it printed at a UPS office. The replacement came in the mail a few days later. My annual vehicle registration was handled by my mailing service for an extra $20 fee.
I was sad when I bought a house in NY and had to give up my SD residency. In addition to thousands in income tax, it cost us an additional $2000 each for medicare supplemental insurance.
BTW, SD is an absolutely beautiful, greatly overlooked State. Unfortunately, winter is long and bitter cold.
I was sad when I bought a house in NY and had to give up my SD residency. In addition to thousands in income tax, it cost us an additional $2000 each for medicare supplemental insurance.
BTW, SD is an absolutely beautiful, greatly overlooked State. Unfortunately, winter is long and bitter cold.
You bought a house as well. How are the property taxes?
The rich love it because South Dakota wants their money, so they set up regulations, or dont set up regulations to cater to these people, and attract them to spend their money there.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Originally Posted by NJ Brazen_3133
The rich love it because South Dakota wants their money, so they set up regulations, or dont set up regulations to cater to these people, and attract them to spend their money there.
Please provide examples. I know of very few rich folks who actually live in SD. If is usually just a mailings addy,. They register their vehicles in MT (no sales tax, no inspections). They don't live there either.
Doesnt WY have the same effect? In Jackson the Billionaires have priced out the millionaires.
That’s different. Jackson Hole is another Aspen. A resort town for the wealthy. That’s different from a tax avoidance state. The entertainment industry uses Nashville for that. Tennessee has no state income tax so people you’d expect to live in California or NYC have their tax address in Tennessee. Lots of New Yorkers use Florida the same way.
Please provide examples. I know of very few rich folks who actually live in SD. If is usually just a mailings addy,. They register their vehicles in MT (no sales tax, no inspections). They don't live there either.
Is what the article is stating. If article is stating truth, I giving the generalized reason. I dont have specific examples.
I sure hope some of them start outbidding Sanford from putting his name on everything.
I plan on retiring there. My retirement accounts have always shown me living there. Quite a bit of money is being paid for pretty places near Custer.
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