What Is the Alaska Permanent Fund Dividend?
Worth around $64 billion in 2019, the APF was established and guaranteed by the state constitution in 1976. The goal was simple: create an investment fund in which a portion of the money generated by Alaska’s oil resources is set aside for future generations.
Nowadays, the fund is managed by the Alaska Permanent Fund Corporation (APFC), which re-invests the capital and also sets aside some of its realized earnings for the annual Permanent Fund Dividend (PFD)—the focus of this article since it’s the reason why eligible Alaskans get money each year for living in The Last Frontier.
How Much Was the Permanent Fund Dividend in 2022?
Alaskans who met the requirements for the 2022 PFD received $3,284, the taxable amount of which amounted to $2,622. That said, the dividend size changes each year depending on several factors, the most important of which is the fund’s performance and the number of eligible residents, among which the dividend amount is divvied up.
Applicants who met the eligibility requirements in 2022 and applied for this year’s dividend between January 1st and March 31st will receive 2023’s amount in the fall.
Eligibility Requirements for the Permanent Fund Dividend
To qualify for the Permanent Fund Dividend in 2023, you must meet the following criteria:
- Alaska residency—you were an Alaska resident during the entire calendar year 2022 and were not absent from the state for more than 90 days;
- There are allowable absences that allow you to be outside Alaska for more than 180 days;
- Physical presence—you were able to remain physically present within the state for at least 72 consecutive hours during 2022;
- Intention to remain—you are able to remain an Alaska resident indefinitely;
- Absence of other residencies—you must not be a resident or apply for benefits in any other states or countries based on a residency requirement;
- Absence of a criminal History—you were not sentenced or incarcerated for a felony conviction (or two or more misdemeanors) in 2022;
- Financial independence—you can demonstrate financial stability to prove you can sustain yourself without straining local resources;
When applying, candidates will have to fill out and submit an application form, provide the relevant documents, and meet any additional requirements specified by the program. To ensure you meet all criteria, check the official government page for the PFD program.
Reasons Why Alaska Offers the PFD
1. Cost of Living
Alaska's cost of living is relatively high compared to some U.S. states. Thus, the PFD program aims to help offset Alaskans’ increasing costs of housing, goods, and services.
2. Economic Stimulation
The PFD program aims to improve the local economy and encourage Alaskans to spend this extra income on local products and services, thus giving various sectors, like retail and tourism, a much-needed boost.
3. Residency Incentives
By offering extra cash, the PFD program promotes population growth, which in turn can have a positive effect on the communities, infrastructure, and overall economic development.
4. Resource Ownership
Alaska’s PFD program fosters a sense of ownership by distributing a portion of the state's resource revenue directly to residents, ensuring they all benefit from the state’s wealth.
5. Citizen Investment
The PFD program empowers Alaskans by allowing them to benefit from Alaska’s oil and mineral resources directly, fostering economic independence and a sense of shared success.
6. Social and Economic Equality
Providing an annual payment to all eligible Alaskans, regardless of their income or socioeconomic status, the program helps bridge the financial gap and promote equality.
7. Rural Support
The PFD aims to bridge the gap between rural and urban areas by supporting rural communities, thus addressing economic disparities, the lack of opportunities, and the higher living costs.
8. Enhanced Quality of Life
The program improves Alaskans’ overall well-being by providing a safety net during hard times, helping with education and healthcare costs, and even supporting entrepreneurial efforts.
9. Attracting and Retaining Talent
The PFD program helps attract and retain talent, thus helping the Alaskan economy. This extra financial incentive can make Alaska a more appealing place to live, work, and raise a family.
Bottom Line
And so, we have unraveled the essence of the PFD program—the one that, technically speaking, pays you to live in Alaska! From eligibility requirements to reasons why this incentive is offered—we’ve covered it all. So, now, armed with this information, you can navigate the path toward claiming your share of Alaska’s bounty. Just don’t quit your day job!
FAQs
Which states will pay you to move there in 2023?
In addition to Alaska, some other states and programs pay you to change your current residency, provided you meet a set of criteria. The states granting these kinds of opportunities include Vermont, West Virginia, Arkansas, Oklahoma, Kansas, Iowa, and Alabama.
What state will pay you $10,000 to move there?
Ascend West Virginia is a government program that offers over $10,000 to eligible applicants who decide to move to certain parts of the state, such as Morgantown, East Panhandle, and The Greenbrier Valley.
How long do you have to live in Alaska to get paid?
To be eligible for the Alaska Permanent Fund Dividend (PFD), individuals must establish residency in Alaska and maintain it for a full calendar year.
How much do you get paid to live in Alaska per month?
The full yearly amount granted by the PFD is $3,284, which divided by 12, comes up to around $274, which more or less is the monthly share.
