offshore

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Offshore

Describing an institution, especially a bank, that exists in a foreign country. Colloquially, the term refers to institutions that exist in known tax havens. Individuals and companies use offshore accounts to avoid or evade taxes in their home countries. As a result, some emerging financial centers have objected to being called "offshore," asking for parity with the developed financial world.

offshore

Of or relating to a financial organization whose headquarters lies outside the United States. Although offshore institutions must abide by U.S. regulations for operations carried on within the U.S., other activities generally escape domestic regulation.
References in periodicals archive ?
3x maximum debt service amount are made to an off-shore account controlled by the trust which is independent of Imexsa.
It is thought that an off-shore account is the most likely destination for fees paid by customers seeing thousands of pictures downloaded from other parts of the Net.
The study sets out how more than pounds 12 million was defrauded by Polly Peck, routed through an off-shore account and split between Nadir, his mother and the Tories.
MORE than [euro]6million was paid by Irish Nationwide into a mystery off-shore account, a documentary revealed last night.
Around pounds 40,000 was allegedly found in an off-shore account in Carrington's name.
It is just not good politics to have a Minister in the department in charge of taxing people to have an interest in a multi-million pound tax free off-shore account.
Me, I'm expecting the groom to confess his roly-poly vicar fetish before doing a runner after siphoning off the church funds into his off-shore account.
An investigation by the Revenue Commissioners also uncovered a Barclay's off-shore account in the Isle of Man containing pounds 121,183.
Collins, 62, signed a legal oath delaring his tax affairs were in order when he knew he was under investigation for having an illegal off-shore account.
The Government has succeeded in obtaining information in 67 cases of illegal Off-shore Accounts and action is underway to determine the tax liability as well as impose penalty.
persons have not made a voluntary disclosure for their off-shore accounts, time is clearly running out," Mastracchio said.