April 27, 2015

The Money Issue - International Banking

Deposits from Overseas - Carlos Fernandez-Guzman

Mike Vogel | 10/23/2012

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.

Carlos Fernandez-Guzman
President/CEO - Pacific National - Miami

“Most of our depositors are from countries that don’t have tax treaties with the U.S. They are aware it can change any time. The more sophisticated, affluent depositor is beginning to look at other options. The problem with these kinds of initiatives and measures is the movement of funds will be silent and over time. (It’s) a wealth channel that was a very prominent source of funding for domestic development.”

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

TEDx Talk
TEDx Talk

The wonderful and terrifying implications of computers that can learn.

Earlier Videos | Viewpoints@FloridaTrend

Ballot Box

Florida's "growler beer" bill is about to become law - only lacks Gov. Scott's signature. Your opinion?

  • Good! About time.
  • I'm neutral on the idea of craft breweries being able to sell 64-ounce "growlers."
  • I am against this bill becoming law.

See Results

Ballot Box
Subscribe