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 ?
UNITED Kingdom-based investors are being given a second and final chance to come clean about their offshore accounts.
If your local account is frozen for any reason [due to loss of residence visa or death], the offshore account remains accessible.
The case stems from a lawsuit filed earlier this year and affects as many as 52,000 US taxpayers suspected of holding UBS offshore accounts to avoid paying US taxes.
Currently, the Service is investigating several thousand offshore accounts, and has referred a large number of these to its Criminal Investigation Division.
But offshore accounts are likewise a gamble, because they're viewed with such hostility by the courts that judges have been known to hold trust beneficiaries in contempt, with jail time, for refusing to repatriate assets.
Moreover they will be able to access their offshore accounts through personal internet banking facility, where all accounts will be viewed under One View' hence allowing customers to seamlessly transfer funds between offshore and onshore accounts.
Dubai: Offshore accounts are no longer the preserve of the super-rich.
Which brings us to the final point: Our terrorist enemies are masters of financial legerdemain, effortlessly moving hundreds of millions of dollars from one offshore account to another.
Global Banking News-June 7, 2013--Canadian bank to reveal offshore account details to IRS(C)2013 ENPublishing - http://www.
NEWSBOY'S 1-2-3 OFFSHORE ACCOUNT PASCO WEE ROBBIE OFFSHORE ACCOUNT ran a cracker in the William Hill Trophy at Cheltenham last month, and that performance earns him the nod in a t y p i c a l l y o p e n Topham.
15 Prince of Vasa Double: Kalahari King and Offshore Account
But this doesn't mean offshore banking is illegal per se, or that having an offshore account will guarantee zero tax payments all the time.