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 criminals used these accounts to launder millions of dollars to offshore banks, according to Tom O'Connell, an INS agent on the case.
Use our Offshore Banks Survey results to see what offshore clients want in terms of products and services
Asset Protection said it is legal for a US person to have an offshore bank account.
The Thorn Law Group is an international tax boutique law firm that specializes in undisclosed offshore bank accounts.
Some of these include the fact that offshore banks are generally located in an area that offer greater privacy to depositors, low or zero taxation and less restrictive legal regulation, among others.
Prior to the ODF they obtained formal notices against the big banks for details of UK account holders with offshore bank accounts.
Some may have previously worked overseas and still retain an offshore bank account that they have forgotten about that is still accumulating interest.
The IRS is currently issuing notices to taxpayers identified as holders of offshore credit cards, owners of offshore bank accounts and participants in offshore financial arrangements.
When selecting their offshore bank, clients look for excellent customer service, as well as confidentiality and financial stability in their bank.
A first in the offshore banking industry, the HFS Offshore Banking Mobile App, contains a range of information that is useful to those who are interested in offshore banking and for those who require it and might consider having an offshore bank account.
The DeltaQuest Group consultants have expert knowledge in the procedures of country specific banking licenses and provide specialist expertise and guidance with respect to the regulatory framework of obtaining a banking license and forming an offshore bank.
If an offshore bank fails for any reason, the government of that jurisdiction may have depositor protection in place, as most-though not all-do have.