In January 2014, the Economist magazine indicated that Foreign Account Tax Compliance Act (FATCA) would negatively impact the Miami Financial District.  They indicated that Miami had lots to lose from Latin American money deposited in Miami’s financial district and how it would go offshore given new reporting requirements.

Putting the Squeeze on Miami vice – The Economist Magazine article

With many more countries are now agreeing to share bank account and tax information, it remains to be seen where large bank deposits will migrate towards to stay under the radar screen.

Canner Brody and Yan CPAs works with high net worth individuals and global businesses.  We have been operating in South Florida for over 65 years.  Contact us at 305-231-2150.