July 23, 2014

The Money Issue - International Banking

Deposits from Overseas - Grisel Vega

Mike Vogel | 10/9/2012

The IRS now requires financial institutions to report interest paid to non-resident alien (NRA) depositors. Many international banks operating in Florida had opposed the regulation, arguing that their clients would withdraw their money if the governments in their home countries were informed of where they had deposited their money. Florida Trend asked international bankers how the new regulation will affect international banking in Florida.

Grisel Vega
President - Florida International Bankers Association- Miami

“A lot of people act based on their fear. We’ve met with the IRS, and they’ve asked us to transmit to our members and customers that the way it’s written it’s not an automatic exchange of information with the 70 countries on the list. The only automatic exchange is with Canada.”

Tags: Trendsetters, Banking & Finance, The Money Issue, CEO Sounding Board, Deposits from Overseas

Digital Access

DIRECT DIGITAL ACCESS
Add digital to your current subscription, purchase a single ditgital issue, or start a new subscription to Florida Trend.

TABLE OF CONTENTS
An overview of the features and articles in this month's issue of Florida Trend.

ACCESS THIS ISSUE »

Florida Business News

Florida Trend Video Pick

Greenlight Pinellas: Connecting Tampa Bay
Greenlight Pinellas: Connecting Tampa Bay

Chris Steinocher, President & CEO, St. Petersburg Area Chamber of Commerce, explains the benefits of a proposed public mass transit system with plans to unite the Tampa Bay Area.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Do you agree with the Florida jury who just awarded $23 billion to the wife of a (deceased) smoker in her suit against RJ Reynolds?

  • Yes, justice has been served
  • No, that is too much

See Results

Ballot Box
Subscribe