In 1961, he participated in the Central Intelligence Agency-sponsored Bay of Pigs invasion as an intelligence officer with Brigade 2506. In 1962, he was deployed with the U.S. Army during the Cuban Missile Crisis.
In 1981, he was one of the three original founders of the Cuban American National Foundation.
He is a graduate of the University of Miami and The Thunderbird School of Global Management. He also completed the Advanced Management Development Program in Real Estate at Harvard University Graduate School of Design.
He was Resident Vice President/Country Head of Citibank in Puerto Rico and Madrid, Spain. He later moved to Miami, Florida to serve as President of the Royal Trust Bank of Canada, Miami, Florida. In 1977, he became Chairman and principal stockholder of Biscayne Bank now Espirito Santo Bank of Florida. In 1983 became Chairman of the Board and controlling stockholder of Miami Savings Bank and CEO of Miami Savings Investment Corporation.
In 1983, he was appointed by Governor Bob Graham as a Regent of the State University System of Florida. In 1985, he was a candidate for Mayor of Miami and lost in the run off election. He has served as Chairman of United Way of Dade County and of the Urban Land Institute (ULI), South Florida/Caribbean District. He was also co-owner of the Miami Marlins Triple A and Double A Baseball franchise. In 1998, he was the principal negotiator between Miami-Dade County Mayor Alex Penelas and Micky Arison owner of the Miami Heat for the creation of the American Airlines Arena.
His son, Paul Masvidal, is a progressive metal guitarist and singer, most noted for being the leader of the band Cynic. His oldest son, Raul Jr. is better known as "Mas" founder of Dancing Shiva an internationally known yoga and ayurveda practice. His son Daniel is a lawyer working for a private organization in the field of healthcare technology. His daughter Carolina works for a well-known Miami based advertising agency.