“Welcome to Alaska, here's $1000”, or so the Simpsons say. It may sound too good to be true, but the Alaska Permanent Fund (APF) actually makes this possible. The fund gives residents a chance to both live in Alaska and earn some extra cash.
Not everyone can be part of this program, though. Follow along to uncover all the intricacies of the APF, which combines living and earning in The Last Frontier.
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.
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.
To qualify for the Permanent Fund Dividend in 2023, you must meet the following criteria:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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!
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.
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.
To be eligible for the Alaska Permanent Fund Dividend (PFD), individuals must establish residency in Alaska and maintain it for a full calendar year.
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.
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