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 ?
So too do the world's top football managers, who clearly love it more than an off-shore bank account.
There are no off-shore bank accounts or any secrets.
Using a bogus passport and money salted away in off-shore bank accounts, he fled to Spain and set up an import firm which was an elaborate front for drug trafficking.
Twice-married Gee - a Crown Court judge since 1991 - was granted legal aid even though he has off-shore bank accounts in Jersey and Switzerland.
The Company believes that, in June and July 2002, certain unauthorized transactions with respect to the off-shore bank accounts of Actrade Commerce Ltd.
Like being granted legal aid despite two off-shore bank accounts in Jersey and Switzerland, a wealthy American wife, homes in London, America and Portugal and a Mercedes with a personalised number plate.
Labour leader Ruairi Quinn said Labour claimed a "golden circle" of the wealthy hid money in the off-shore bank while ordinary people were paying "penal" tax rates.
And pounds 1 million was later paid to the IRA through off-shore bank accounts.
Police don't know where the bulk of the cash is but suspect Restorick may have stashed it in off-shore bank accounts.
Shocked colleagues said they thought he may have been "guilt ridden" over the 900 hidden off-shore bank accounts set up by executives in a complicated scheme to boost the firm's share price.
Shocked colleagues said they thought he was "guilt ridden" over the 900 hidden off-shore bank accounts set up by executives in a complicated scheme to boost its share price.
They became suspicious after large amounts of money were tracked leaving the country to a number of off-shore bank accounts.