July 30, 2015

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 digital 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

Getting Back To Work
Getting Back To Work

Coming back from vacation is tough. Here are 5 tips to help you manage.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Medicare turns 50 today, July 30. Your opinion of the program?

  • Great: I am on it already
  • Great: I look forward to being on it
  • Unsure: I'm not on it yet
  • Not good: I am on it, and don't like it
  • Not good: I could be on it, but don't want to
  • Other (comments welcome)

See Results

Ballot Box
Subscribe