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Offshore
(redirected from Offshore Accounts)

   Also found in: Dictionary/thesaurus, Encyclopedia, Wikipedia 0.01 sec.
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.


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Tax experts in the West Midlands estimate that approximately 13,000 people registered with HM Revenue and Customs' scheme to disclose undeclared funds in offshore accounts.
The landmark settlement challenged Switzerland's longstanding banking secrecy tradition resulted in the disclosure of the identities of 4,450 people with UBS offshore accounts and was expected to open the door to more prosecution efforts for tax evasion.
Many merchants utilize offshore accounts to save some money on taxes.
 
 
 
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