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 transparency act requires that hospitals receiving tax subsidies disclose in a timely and fully transparent manner how large their profit margins are, how much money they hold in offshore accounts and how much compensation they pay their CEOs.
BERLIN, March 30 (Reuters) - Germany and Switzerland scrambled on Friday to salvage a landmark deal on taxing secret offshore accounts after the main German opposition party raised 11th hour objections to a compromise plan it branded full of "loopholes".
FOOTBALL manager Harry Redknapp angrily denied taking a "bung" and insisted cash in an offshore account was a "bonus" from Peter Crouch's pounds 5 million move to Aston Villa.
For those that have missed the boat the prospect of a call from HMRC is now very real as more and more financial institutions open up their records and allow the taxman access to offshore account details.
The dad-of-one also pled guilty to using fake company names to transfer pounds 126,400 into an offshore account.
I would urge anyone with offshore accounts holding untaxed income or gains to take advantage of this simple and straightforward scheme.
However, certain countries have already waged a campaign against tax evaders, who have purposely used offshore accounts to avoid paying dues to their home countries.
US law forbids its citizens from evading tax through harvesting assets in offshore accounts.
MIAMI: A judge yesterday postponed the opening of a trial in a lawsuit seeking to force Swiss financial giant UBS to reveal the identities of thousands of US clients with offshore accounts.
authorities that it will close the offshore accounts of American account holders.
Three-quarters of this withheld tax is then paid to the UK Government, with the rest retained by the government of the tax haven, giving an effective UK tax rate on offshore accounts of 11.
The TUC, which analysed figures from a recent parliamentary answer, said during the past three years Au319 million of tax was lost on a total income from offshore accounts of Au1.