International Banking Resources in Miami
Miami has always done business beyond its own borders. Walk through Brickell or Coral Gables and it is easy to see why the city has become such an important financial meeting point for the United States, Latin America, the Caribbean and, increasingly, Europe.
The local financial community includes large American banks, foreign-owned institutions, private-banking offices, investment advisers, family-office professionals, international tax attorneys and specialists who regularly work with clients whose assets or businesses extend across more than one country.
One point is worth clearing up at the outset. The phrase offshore banking is often used loosely. A Miami office serving an international clientele is not necessarily an offshore bank. It may instead be a U.S. bank, an agency of a foreign bank, a representative office, a broker-dealer, an investment adviser or a private-wealth division operating under American regulation.
International and Private Banking
Banco Santander International
Santander has a substantial private-banking presence in Brickell and is well known among internationally connected families, entrepreneurs and investors. Its Miami operation is particularly relevant to clients with interests spanning the United States, Latin America and Europe.
Banco Santander International
Bradesco Bank
Bradesco Bank has deep roots in the Brazilian financial community and serves both domestic and international customers from South Florida. Its business includes personal and private banking, lending and services for clients maintaining financial ties between Brazil and the United States.
Itaú Private Bank
Itaú is another familiar name to Miami's Latin American business community. The private bank works with affluent families, business owners and international investors and is part of a broader private-banking network with operations outside the United States as well.
Itaú Private Bank
Safra National Bank
Safra is closely associated with traditional private banking and wealth management for high-net-worth families and businesses. For South Florida clients, the bank is notable for maintaining a presence beyond downtown Miami, including other affluent communities in the region.
South Florida presence: Miami, Aventura and Palm Beach
Safra National Bank
UBS
UBS is a major name in wealth management and maintains advisers in the Miami market. Its services may include investment management, portfolio strategy, lending, wealth planning and advice for families with assets in several jurisdictions.
Clients should pay attention to the legal entity providing a particular service. In the United States, many UBS wealth-management relationships are handled through its registered broker-dealer and investment-advisory operations rather than through what most people would think of as a traditional offshore bank account.
UBS Wealth Management in Florida
Banco de Crédito del Perú
Banco de Crédito del Perú has long been associated with international and commercial banking relationships connecting Peru and the United States. Its Miami-area presence reflects the particularly strong financial and business ties between South Florida and Latin America.
Banco de Crédito del Perú
Banco Internacional de Costa Rica
Better known as BICSA, Banco Internacional de Costa Rica has served corporate and international clients through the Miami market. Its work has traditionally included commercial lending, trade finance and transactions linking Central American businesses with the United States.
Banco de Crédito e Inversiones
Chile's Banco de Crédito e Inversiones, usually referred to as BCI, has become a recognizable financial name in South Florida. The BCI group also owns City National Bank of Florida, giving the organization an unusually substantial connection to the local banking market.
Banco do Brasil
Banco do Brasil has conducted banking activities in the United States for many years and remains relevant to Brazilian companies, investors and individuals doing business internationally. Because the services available through particular offices can change, clients should confirm directly whether the relationship they need is handled in Miami or through another U.S. operation.
Banesco USA
Banesco USA is a Florida-chartered bank rather than an offshore institution, but it deserves a place in a Miami international-banking directory because of its experience with South Florida business owners, professionals, real estate investors and customers with international financial backgrounds.
Amerant Bank
Headquartered in Coral Gables, Amerant has decades of experience in a market where personal and business finances often cross international borders. Its services include commercial and personal banking, private banking, mortgages, treasury management and wealth-related services.
City National Bank of Florida
City National is one of the better-known Miami banking names and is owned by Chile's BCI financial group. It serves private clients, businesses, real estate interests and corporate customers throughout Florida. For internationally connected clients, its combination of local market experience and foreign ownership can be useful, although accounts are maintained through a U.S. banking institution.
Cross-Border Tax, Estate and Legal Counsel
An international banking relationship is only one part of the picture. Anyone dealing with foreign accounts, trusts, business interests, inherited assets or a move into or out of the United States should normally have appropriate legal and tax advice before moving substantial funds.
Kevin E. Packman — Holland & Knight
Kevin Packman's Miami practice includes international estate planning, private-wealth matters, offshore tax compliance, foreign-account reporting, trusts, expatriation and planning for people moving to the United States.
Professional profileRahul P. Ranadive — Carlton Fields
Rahul Ranadive works with international families on estate and trust planning, private-wealth matters, family-business succession and domestic and international tax issues.
Professional profileMichael C. Vandormael — Carlton Fields
Michael Vandormael advises U.S. and non-U.S. families on international taxation, tax compliance, trusts, estates, probate and related business-planning matters.
Professional profilePatrick J. Lannon — Shutts & Bowen
Patrick Lannon's work includes estate planning, asset protection, wealth preservation and charitable planning for domestic and international high-net-worth clients.
Professional profileAndrés José Hernández Lossada — Shutts & Bowen
His practice includes international taxation, cross-border wealth planning, estate planning, corporate matters and business transactions involving clients with interests in more than one country.
Shutts & BowenThe Miami Tax Lawyer
This Miami tax practice works in areas that may be relevant to international account holders, including foreign-income reporting, offshore-account disclosures, treaty questions, international tax planning and expatriate matters.
International tax practiceAkerman
Akerman maintains a major Miami presence and advises businesses, investors and private clients on international tax planning, inbound and outbound investments, transactions, tax disputes and cross-border business structures.
Akerman tax practiceShutts & Bowen
The firm's private-client and tax attorneys advise families, closely held companies and business owners on international taxation, estate planning, trusts, wealth transfers and related cross-border matters.
Taxation practiceQuestions to Ask Before Opening an International Account
A polished office and a recognizable international name are not enough. Before transferring money, it makes sense to ask a few straightforward questions.
- What legal entity will actually hold the account?
- Is the office a bank, branch, agency, representative office, broker-dealer or investment adviser?
- Which regulator has authority over the institution and the account?
- Does any deposit-insurance program apply?
- Does the institution accept U.S. citizens, U.S. residents or U.S.-based companies?
- What minimum balance or investment level is required?
- What custody, advisory, transaction and foreign-exchange fees apply?
- Which country's laws govern the account?
- What tax forms and disclosures will the customer be responsible for filing?
Foreign Accounts and U.S. Reporting
There is nothing inherently improper about maintaining money or investments outside the United States. International accounts are routinely used by individuals and businesses with legitimate overseas interests.
They can, however, create additional reporting responsibilities for U.S. taxpayers. Depending on the facts, those requirements can involve the Foreign Bank Account Report, better known as the FBAR, Form 8938 and other filings connected with foreign trusts, companies, partnerships, gifts or certain foreign investments.
Why Some Older Names Are Not Listed
Miami's international banking landscape has changed considerably over the years. Earlier financial directories often listed institutions such as FBME Bank, Banque Audi, National Bank of Abu Dhabi, Bank of Tokyo-Mitsubishi UFJ, Banca Privada d'Andorra, Crèdit Andorrà, Jyske Bank, Bank of Valletta, Finansbank and HSBC.
Some banks have merged, been renamed, changed ownership, left particular markets or altered the type of office they maintain in the United States. National Bank of Abu Dhabi, for example, became part of First Abu Dhabi Bank, while Bank of Tokyo-Mitsubishi UFJ became MUFG Bank.
For that reason, an old business card, directory listing or web page should never be taken as proof that a particular bank is currently accepting clients in Miami.
Banking licenses and office classifications can be checked through regulators and industry databases including the Federal Reserve National Information Center, FDIC, Office of the Comptroller of the Currency, Florida Office of Financial Regulation, FINRA BrokerCheck and the SEC Investment Adviser Public Disclosure database.