Florida Trend
Get FREE Business News Updates


October 10, 2015

The Money Issue - International Banking

Deposits from Overseas - Tony Bejarano

Mike Vogel | 10/16/2012

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.

Tony Bejarano
General Manager - Banco Internacional de Costa Rica (BICSA) - Coral Gables

“We believe that the impact will be minimal. The information that will be reported to the IRS may only be shared by the U.S. with countries with whom the U.S. has a treaty to exchange such information, and the expectation is that such information is protected by local privacy laws. That is not to say that some customers will not feel comfortable with such arrangements and may move their funds outside the U.S. We believe that how the U.S. financial institutions inform and educate their customer base regarding the implications of the NRA rule will be key in determining how many customers may close their accounts at the bank. ”

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

Digital Access

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

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


Florida Business News

Florida Trend Video Pick

Size, scope and offerings of one of Florida's largest hospitals
Size, scope and offerings of one of Florida's largest hospitals

James Burkhart, president & CEO of Tampa General Hospital details the medical center's size and service area, expresses the hospital's commitment to dispersed access care and expounds on the expanding use of electronic medical records.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

About the proposed open-carry gun law: Are you in favor of allowing Floridians with concealed-handgun permits to openly display their weapons?

  • No
  • Yes

See Results

Ballot Box