At a glance For domestic and international banks, as well as a host of other financial services companies, Miami-Dade County provides a proven platform for growth. For over 25 years, Miami-Dade has been home to the largest concentration of domestic and international banks on the East Coast south of New York City. Today, roughly 100 commercial banks, thrift institutions, foreign bank agencies and Edge Act banks have facilities here, along with hundreds of other wealth management, brokerage and other financial services companies.
In the international sector, banks from North America, Europe, Africa, the Middle East, Asia and Latin America have Miami-Dade offices to serve offshore customers with personal or business ties to the region. In the past two years, there’s been rapid growth in institutions serving companies in the Pacific Rim.
Due to the recent passage of legislation establishing an International Insurance Center, which allows for the sale and service in the State of Florida of life insurance and annuities issued by non-U.S. insurance companies to non-U.S. residents and facilitates the establishment by non-U.S. insurance companies of operations in Florida to service this business. The Beacon Council, in analyzing the impact of legislative change on Miami-Dade County, estimates that for each $1 million of premiums allocated to administrative expenses, 41.4 jobs are created with an average annual wage of $45,000 (27 percent higher than Florida’s average).