President Donald Trump changed his legal domicile from New York to Florida—from his glitzy Trump Tower on Manhattan’s 5th Avenue to his Mar-a-Lago Club
and his Trump International Hotel in Washington, D.C. , which qualify for more tax breaks. He fights property tax bills. He says “I’m smart” for paying no federal income taxes, but since he hasn’t released his tax returns yet we don’t really know how good he is at this tax-avoidance game.
These high-stakes moves are a hot topic among the ultrarich. “We continue to have conversations with clients about changing domicile from high tax jurisdictions to Florida,” says Chris Zander, president of Evercore Wealth Management in New York City. The firm opened a Tampa, Florida, office in 2013 and a Palm Beach office in 2018 to accommodate. “The financial impacts are real!”
If New York tax authorities were to audit the Trumps, the audit would first focus on the “domicile” test: Where do the Trumps really consider home? Second, the auditors would look to the alternative residency test, called “statutory residency”–whether the Trumps had a place of abode in New York state and spent more than 183 days there.
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