April 17, 2014

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

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Okeanos Explorer 2014

NOAA's ship, Okeanos Explorer, carrying scientists and the ROV Deep Discoverer (D2), has arrived at site “Northwest Gulf Mid-Depth." Today (4/17/2014), the ROV will visit two Monterrey shipwrecks. Deployment of the ROV is planned for 0930 Eastern, arriving at the seafloor around 1030. Click above to watch the adventure unfold or go here for more info.

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