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 ?
While wealth formation is still growing and the potential for new business remains very attractive, both the onshore and offshore banks want to profit from a crucial challenge that all offshore banks face is cultural diversity.
Swamy further said that as soon the CBI Director would lodge an FIR, his committee would seek a letter rogatory from a Delhi court which would give them the permission to get the names of people holding accounts in offshore banks as per international agreements with foreign countries.
This status has increasingly been challenged by the rise of Dubai in recent years, and assets held by Bahrain's offshore banks have now fallen to their lowest levels since 2005, before a regional oil and property boom boosted their assets.
Use our Offshore Banks Survey results to see what offshore clients want in terms of products and services
The banking regulations governing offshore banks are different from the domestic banking regulations in terms of capital requirements.
The MAS earlier renamed ''restricted banks'' as ''wholesale banks'' to simplify its licensing system to a two-tier regime of full banks and wholesale banks from its three-tier regime of full, restricted and offshore banks.
But the legitimate reasons for offshore banks provide a useful cover.
Global Banking News-February 5, 2013--Taiwan central bank says offshore banks to take yuan deposits(C)2013 ENPublishing - http://www.
Despite highly-publicized government crackdowns on tax evasion around the world during the past year, more billions are headed for offshore banks and tax havens than ever before - with good reason, and it's all completely legal.
Most offshore banks will offer accounts in the major currencies and the currencies most used by expatriates," Ashley notes.
A similar agency existed before the fraud scheme, but only monitored offshore banks.
As of February 2006, no suspicious transaction reports had been filed with the Comorian Central Bank in Grand Comore as required under the existing Union law, and the branch of the Central Bank located in Anjouan had no knowledge of the shell bank entities that have been licensed by Anjouan's Offshore Finance Authority, which apparently operates independently from the Union's Central Bank and has licenced some 300 offshore banks, many of which appear to be shell banks.