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 ?
The Dail was recalled from its summer break for a debate on the 10,000-page report by the High Court inspectors, which names nearly 200 people who had accounts with the off-shore bank.
Two cancer specialists who examined the former Fianna Fail leader found he is well enough to continue giving evidence about his web of off-shore bank accounts and payments totalling millions of pounds.
The backbencher surrendered the whip after revelations that he was a major account holder in the off-shore bank.
This means he was paid pounds 800-a-day for looking after the off-shore bank accounts of Irish people trying to evade tax.
But logic says that off-shore bank accounts operated by the accountant for a Fianna Fail Taoiseach will, naturally, have been biased towards his supporters.
The Department of Financial Institutions learned that "Allied Boston Bank" ("Allied"), an off-shore bank licensed by the Republic of Palau, might be engaged in the banking business at offices located in San Francisco.
3 million from Ben Dunne, he used the off-shore bank to keep the payments secret.
Let's call a spade a spade and get the knives out for those who have been lining their pockets and filling their off-shore bank accounts with squillions - not scores - of pounds.
The bank reiterated that it had has no numbered or secret accounts and no relationship with off-shore banks or countries.
Although off-shore banks (composed of 88 conventional and Islamic banks that account for about 70 per cent of the Bahraini banking sector) do very little lending within Bahrain, some smaller specialised institutions are highly exposed to Bahraini and regional real estate through proprietary investments and are likely to face increased pressures.
Although off-shore banks (composed of 88 conventional and Islamic banks that account for about 70 per cent of the Bahraini banking sector) do very little lending within Bahrain, some smaller specialized institutions are highly exposed to Bahraini and regional real estate through proprietary investments and are likely to face increased pressures, according to the report.
Its off-shore banks attract many businesses and individuals because of the favourable rates of tax.