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 ?
Their consultants have many years of experience in offshore banking and will make the process of obtaining the bank license as efficient and stress free as possible, they will also advise you on the best location to open your offshore bank in.
I am delighted that we have been able, in partnership with Nedcor, to acquire Fleming Offshore Banking to enable us to enhance our existing services.
It should have come as no surprise to officials in Washington, since the scam of offshore banking was known to all of them.
The balance of offshore banking assets for the market has recently been about 36% smaller than its peak in December 1997.
Tony O'Shea, general manager responsible for offshore banking at Bank of Ireland, said that the bank's target is to have up to 10,000 customers by the end of the first year and 50,000 customers by the end of the third year.
While perhaps not receiving any new significant funding from the West, the Russians would be able to recycle old funds embezzled and exported illegally with the help of Western nations that have enough capital to bring pressure to bear upon these offshore banking nations.
Financial markets in the Middle East are engaged in a fierce competition to attract international banks to open offshore banking units.
residents from offices outside the United States, including offices licensed in offshore banking centers.
Prime Minister Ranil Wickremesinghe said that Sri Lanka will offer offshore banking facilities in the proposed Financial and Business District within the Colombo Port City.
Abu Dhabi Commercial Bank (ADCB) has announced that it has launched commercial offshore banking products.
Starting last year the FSC has allowed offshore banking units (OBUs) of Taiwanese banks to handle renminbi (RMB) businesses, resulting in robust performance at OBUs.