The local economy and other financial issues for buyers of Florida property

You won’t need your chequebook when visiting Florida’s attractions. Just as in the UK, cash and plastic rule in Florida so, whether you are on your holidays in Florida or are residing permanently in your Florida property, you will find these are the most convenient method of payment for almost everything.

Currency limitations

In the USA money talks, so you can bring as much money as you like with you on any trip, whether you are a tourist bound for the main Florida attractions or a potential investor looking for prime Florida property. However, if you are travelling with more than $10,000 in currency and travellers cheques (not credit or debit cards), you must make a customs declaration to that effect. Failure to do so could result in the confiscation of your money.

On holiday in Florida – cash rules

Dollar bills come in six different values, but all are green, the same size, and look very similar. If you are not familiar with the notes, take extra care when handing any over. Look for the monetary value symbols and the different pictures of presidents. Commonly used coins are the penny (1 cent), nickel (5c), dime (10c) and quarter (25c).

You can exchange sterling, euros and other foreign currency at most major airports, banks, at private exchange bureau, and at some hotels.

Holidays in Florida – travellers’ cheques

Travellers’ cheques are still reasonably popular in Florida, provided they are in US Dollars. In banks near major Florida attractions, they can be easily exchanged – even in stores if you are buying something – but you may find only larger bank branches will do so when you get off the beaten track. Changing sterling, euro or any other foreign currency travellers’ cheques is becoming increasingly difficult.

On holiday or buying Florida property – flash the plastic

Whether you on holiday in Florida or on a search-and-buy expedition for Florida property, you will soon discover how invaluable credit cards and charge cards can be in the States. All major cards are accepted in Florida and without one you will find you often have to pay in cash in advance for services such as hotel rooms and car hire. ATMs are located in banks, grocery stores, in shopping centres and often at petrol stations, and you can use your four-digit pin number. If you are enjoying a B&B holiday in Florida, make sure your hosts accept card payments – many do not.

Owning a Florida property – bank accounts and cheques

If you own a Florida property you will probably find you need a bank account and a chequebook because cheques remain a popular method of payment. Direct debits and standing orders (called automatic billing in the States) for regular utility bills are only just starting to become widely used. There is no such thing as a bank guarantee card in Florida, so you will need to show photographic proof of identity when paying by this method in a store.

Sales tax in Florida

Be aware that sales tax (usually 6 to 7 percent) will be added to most prices in shops and restaurants and also at most Florida attractions.

On holiday in Florida – banking hours

Banking hours vary considerably across the state but the ‘core’ hours are typically 9-4.30 Monday to Friday. Some stay open as late as 7pm, seven days a week while others operate core hours for their lobby service and longer hours for their drive-thru service. Some are also open on Saturdays.

The Florida economy

Florida has often been described as an economic powerhouse. And no wonder. With its strategic geographical location, its economic and political stability, its excellent infrastructure and its multilingual workforce, it attracts some of the largest multinational operations to its shores. With Gross State Product at over $674bn in 2005, up 7.8% on 2004, Florida ranks as the world’s 15th largest economy and has been enjoying better growth rates than most other US states (average 3.5%) in recent years.

Three positive features of the economy suggest it will continue to be buoyant for the foreseeable future: a growing population, strong capital flow from overseas, and an upsurge in tourism. The population (17.8m in 2005) is expected to increase by more than 40% by 2030 and it is already one of the most diverse in America, with a rich mix of different cultural, racial and linguistic backgrounds. Annual unemployment rates in Florida (3.3% in August 2006) have been consistently below the US average (4.7% in August 2006).

Mayor industries are construction, retail, services, business, healthcare and agriculture, with aviation, shipping and technology also making large contributions to the economy. But the most important is tourism, which is why so many Brits are choosing to invest in Florida property suitable for holiday rentals. An estimated 86m tourists took holidays in Florida in 2005, and numbers are expected to grow to 97m by the end of the decade. The busiest tourism area is the central region, around Orlando, where most of internationally recognised Florida attractions are located. Across the state, some 12% of all non-agricultural jobs in Florida are in the tourism industry.