300 Million In Foreign Deposits Flee
By Blanca Venegas
The new Foreign Account Tax Compliance law’s efforts to combat tax evasion and create deeper deposit transparency in the US has prompted a multi-million-dollar foreign capital outflow from Florida.
The current estimate is that $300 million in foreign deposits have been diverted to offshore foreign jurisdictions or to institutions that the regulation doesn’t affect, said David J. Schwartz, executive director of the Florida International Bankers Association,. To read the full article and the rest of the Miami Today issue, GO TO e-MIAMI TODAY, an exact replica of the printed edition.