Is it truthful that you can become paid for living in Alaska? Yes – Equally long equally you meet the eligibility requirements for Alaska'due south Permanent Fund Dividend (PFD). Payments are issued starting in June each year to every Alaska resident who qualifies.

If you're moving to Alaska and desire to learn more than, nosotros'll bear witness you exactly how it works.  Payouts in the final 10 years have ranged from $878 to $ii,072, and then it's well worth your time to empathize whether y'all're eligible and how to register for your dividend.

Curious where the money is coming from?  Outset, we'll accept you through some quick history on the Alaska Permanent Fund.

What Is the Alaska Permanent Fund?

In the leap of 1968, oil was discovered on Alaska'due south North Gradient in Prudhoe Bay. Past 1976, the state's residents voted to pass a constitutional amendment that established the Permanent Fund. The fund was designed to convert the state's oil and mineral resource into a renewable fiscal resource for future generations.

The fund'southward first deposit in 1977 totaled $734,000 – or near $three,350,728 when adjusted for inflation .Over the last 40+ years, the Alaska Permanent Fund Corporation has invested the Permanent Fund across a number of asset classes in both individual and public markets. As of Apr 2021, the value of the fund sits at $77,847,300,000.

Today, the Permanent Fund plays two roles. In addition to issuing annual dividends to eligible Alaska residents, it as well supports Alaska's state services and programs. Now that you understand where your payout is coming from, let'southward investigate whether or non you're entitled to a PFD payout this yr.

Who's Eligible for the PFD?

Equally fun every bit "getting paid to live in Alaska" sounds, it'southward not as elementary equally crossing the edge and collecting your payout. Instead, yous'll have to one) determine whether or not you're eligible, then 2) apply to receive your cheque or direct eolith. Here'southward how information technology works:

To qualify for the Permanent Fund Dividend, you must:

  • Accept been a resident of Alaska for the entire previous agenda year and i ntend to remain an Alaska resident indefinitely, at least on the date you apply.
  • Accept not claimed residency in any other country, state or received any benefit as a upshot. If you were applying for the 2021 PFD payout, this must be true back to December 31, 2019.
  • You lot too must be physically present in Alaska for at to the lowest degree 72 consecutive hours at some time during the previous two years.
  • If y'all were absent from Alaska for more than 180 days in the previous agenda year, it must be for an allowable absence .
  • You also must non have been sentenced or incarcerated as role of a felony conviction in the previous year. Or h ave been incarcerated during the previous yr on a misdemeanor conviction if you've been convicted of a prior felony or two or more than prior misdemeanors since January 1, 1997.

Whew! Got all that? Check out the Eligibility Requirements for more than details.It might seem complex at starting time. However, for new residents, the most of import requirement is the offset one:You have to be a resident of Alaska for a total calendar year before you lot're eligible for the PFD. Once you've cleared all these hurdles, applying for your PFD is pretty simple.

How to Use for your PFD

Applications for the PFD are accustomed from January 1 – March 31. You lot tin can either apply online on the Permanent Fund Dividend Segmentation website . Paper applications are as well available at Distribution Centers statewide.

A couple of pointers:

  • PFD payouts are processed in the order they're received. The sooner you get your application in, the sooner information technology will exist processed.
  • Each eligible person needs to fill out an application. Children need their ain. So, if you lot're married with ii kids, you'll need to submit four applications total.
  • As a parent, file your application get-go. So, you can file and sign your child's PFD awarding.

Finally, if y'all offset getting fidgety and wonder where your cheque or eolith is, you can also monitor your PFD awarding condition online .

How Much Is the PFD Payout?

Once yous've put in your application, you might wonder how much money you can expect. Information technology varies each year, but take a look at this chart to get a sense of the payouts from the last ten years:

Alaska PFD table as of 2020

As you can run into, although the range is broad, the PFD amount hasn't dipped beneath $878 in recent times. All that'southward left is for you to figure out how to spend it.

How Practice Alaskans Spend Their PFD?

You'll find a whole spectrum of thinking around how to spend that PFD payout. Here are a couple of ideas to get you thinking:

  • Use the money to survive the Alaskan winter . Stockpile essentials, like heating oil, buy a new furnace, or buy a new set of winter tires.
  • Invest in your abode, either past making improvements or purchasing a new appliance.
  • Stockpile a little for a rainy day past putting some of your payout in an emergency fund.
  • Pay down credit card debt.
  • Buy a plane ticket to see your family or friends in the lower 48.
  • Put your children'due south payments into a college fund.
  • Use Pick.Click.Give  to donate a portion of your payout to a non-turn a profit that supports a cause that you intendance about.

Finally, make certain y'all gear up aside a little for taxes. Although Alaska doesn't have a personal income tax, your PFD is subject area to federal income tax.

The Perks of Moving to Alaska

In that location are all kinds of reasons to move to Alaska . There'south no question; the PFD is one of them. However, there'due south more to living in Alaska than a yearly check. Once y'all make the move to the Borderland State, yous'll have the opportunity to alive in and around some of the most incredible, untouched wilderness that the United States has to offer. Y'all'll encounter some unforgettable people and you lot'll go on some remarkable adventures. It'south all waiting for you lot in Alaska.

Need some help making the move to Alaska?  Nosotros'd be happy to help you make a safe, like shooting fish in a barrel, and affordable transition to the Land of the Midnight Sun. Whether you're moving to Anchorage or a remote location deep in the bush, we've got the experience and the expertise to make information technology happen. Get started with a complimentary quote for your relocation .