REVEALED: How Jeff Bezos stands to save $600 MILLION in taxes by relocating from Seattle to Miami – enough to cover the cost of his $500 million superyacht!

Jeff Bezos’ move to Miami will save him more than $600 million in taxes over the next year, it appears.

The billionaire Amazon founder announced last year that he was leaving his longtime home in Seattle to move to Miami, where he would buy two properties on the ultra-exclusive island of Indian Creek, dubbed “billionaire’s bunker.”

Bezos said the move was closer to his parents and rocket launches at his space company Blue Origin, but also came with a big tax break.

Florida has no income tax or capital gains tax, while Washington introduced a 7 percent capital gains tax in 2022 on sales of stocks or bonds over $250,000.

Last week it was revealed that Bezos had launched a pre-planned plan to sell 50 million Amazon shares by January 31, 2025. By moving to Florida, he saved at least $610 million in taxes on this $8.7 billion sale. CNBC reported.

By 2025, his Florida tax savings could cover the cost of Koru, the $500 million superyacht he bought last year.

The businessman, who is the world’s second-richest person according to the Bloomberg Billionaires Index, filed a statement with federal regulators last week indicating an initial sale of nearly 12 million shares of Amazon stock.

He notified the U.S. Securities and Exchange Commission (SEC) of the sale of 11,997,698 shares of common stock on February 7 and 8 worth more than $2.04 billion.

This sale alone saved Bezos $140 million that he would have paid to Washington state, according to CNBC’s calculations.

Indian Creek Island, overlooking Biscayne Bay, is known as the ‘Billionaire Bunker’ thanks to its mega-wealthy residents. Bezos’ move to Florida will save him more than $600 million in taxes over the next year, it appears.

Bezos bought a three-bedroom property on Indian Creek for $68 million in June last year

The Amazon founder also bought his neighbor’s mansion for $79 million in October 2023

The nine-figure amount that Bezos is expected to save over the next year by selling his shares assumes Amazon’s share price remains stable at current levels.

If the value of the shares continues to rise, his tax savings would also be even greater.

Amazon has seen its stock price rise steadily over the past year.

The so-called ‘Magnificent 7’ technology stocks Apple, MicrosoftAlphabet, Amazon, Nvidia, Meta Platforms and Tesla was responsible for the vast majority of the S&P 500’s 24 percent growth in 2023.

And early this month, the retail giant reported bringing in $170 billion in the final quarter of last year thanks to a boost in holiday shopping.

Amazon’s financial results exceeded analyst expectations and sent its shares up more than 8 percent in after-hours trading on February 1.

Amazon – one of the so-called ‘Magnificent 7’ tech stocks – has seen its share price rise steadily over the past year

According to CNBC, Bezos’ Florida tax savings would cover the cost of Koru, the $500 million superyacht he bought last year, by 2025.

Turnover in the fourth quarter increased by 14 percent compared to the same period last year. Analysts on average expected revenue of $166.21 billion, according to LSEG data.

Bezos has sold billions of dollars worth of Amazon stock since 1998 to fund his philanthropy, his space company and, more recently, his superyacht and growing number of properties.

In 2021, he resigned from his position as CEO of Amazon.

Bezos and his fiancée Lauren Sanchez own several properties on Indian Creek Island, alongside retired NFL star Tom Brady and former first daughter Ivanka Trump.

Bezos bought two mansions for $147 million and is reportedly looking to buy another three homes on the island.