Florida Trend
Get FREE Business News Updates

NAVIGATION

February 10, 2016

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

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

96-year-old Fort Lauderdale Doctor Still Performs Surgery
96-year-old Fort Lauderdale Doctor Still Performs Surgery

Would you allow a 96-year-old to cut you open? There's no shortage of patients willing to go under the knife with Dr. Albert R. Brown, a Fort Lauderdale podiatrist who's been in practice since 1950.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Putting your consumer hat on, do you anticipate spending more this year than in 2015?

  • Yes, more.
  • Maybe, am still being cautious
  • No, on consumer goods, am going to spend less

See Results

Ballot Box
Subscribe