Garcia was born in Bejucal, La Habana Province, Cuba. His mother, Amelie (nee Menendez), was an English teacher, and his father, Rene Garcia Nunez, was an avocado farmer and attorney in Cuba and later owned a fragrance business in the United States. Garcia has an older brother, Rene. When Garcia was five years old, the family moved to Miami, Florida after the failed Bay of Pigs Invasion. Over a period of several years they built up a million-dollar perfume company. Garcia was raised as a Catholic and attended Miami Beach Senior High School, where he played on the basketball team. During his last year in high school he became ill with mononucleosis, which convinced him to pursue a career in acting.

Garcia began acting at Florida International University, but soon went to Hollywood. He started to perform in very short roles, working part-time as waiter and in a warehouse. His chance arose when he was offered a role as a gang member in the first episode of the popular TV series Hill Street Blues. Director Brian de Palma liked his performance in the 1986 movie 8 Million Ways to Die and engaged him the following year for The Untouchables, which made Garcia a popular Hollywood actor. In 1989, Francis Ford Coppola was casting The Godfather Part III. The character Vincent Corleone, the illegitimate son of Sonny Corleone, was an exceptional part which many actors wanted. Garcia was not the only one of the few actors capable of carrying the part, but he also bore a resemblance to Robert De Niro, who played the role of young Vito Corleone, Vincent's grandfather, in The Godfather Part II. The role thus went to Garcia, who earned an Academy Award nomination as Best Supporting Actor for his performance and became an internationally acclaimed star.

In the following years, Garcia has performed in a wide variety of films. He has appeared also in several TV films. While not in the same vein of movie stars dominating the box office, Garcia has remained equally strong in both leading and supporting roles. One of his more well-known films was the 2001 remake of Ocean's Eleven, in which he played Terry Benedict, the ruthless Las Vegas mogul who just happens to be seeing the estranged wife (Julia Roberts) of George Clooney's character. Garcia reprised the role in the 2004 sequel, although many noted that the part was significantly smaller than the one he played in the first film. He also starred as a much larger role than in the second but smaller than the first in Ocean's Thirteen (2007). He has finished and released The Lost City which he co-wrote, directs, and stars in, alongside Dustin Hoffman and Bill Murray. Upon its release, The Lost City sparked controversy among many in Latin America due to its negative portrayal of the Cuban Revolution, and Che Guevara in particular, who continues to have substantial popularity in Latin America.

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