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 ?
Any way you stack the numbers, offshoring is a gargantuan movement that has brought light-speed changes to the U.
Economic factors and the growth of technology have contributed to the offshoring explosion in the U.
Contrary to popular belief, offshoring high-value tasks does not lead to major job losses at home, but to more net new jobs globally.
Significantly, 2006 survey respondents indicated that as they increased the offshoring of high-end functions, the number of overall jobs they are replacing in the U.
Ribhu Ranjan, analyst and co-author of the report expects that going forward, regional and mid-tier financial firms the world over will adopt a multi-location, multi-vendor offshoring model, signaling a preference for global sourcing.
Researchers looking for detailed information on financial services offshoring
The findings dispel many of the myths surrounding both outsourcing and offshoring in the financial services industry today.
Respondents are not overly deterred by the specter of 'negative press' when offshoring - among the top ten potential obstacles to offshoring, this factor appeared as only the 9th in the list; only 8% of the respondents cited negative press as a "very significant factor" in making offshoring decisions.
Successful offshoring in the legal services space began as early as 1995, pioneered by American law firm Bickel and Brewer.
The banking, financial services and insurance (BFSI) vertical is among the fastest growing segments in the outsourcing industry and the Indian offshoring industry is particularly strong in this vertical.
Despite protectionist backlash in the US and Europe, the offshoring wave has turned into a Tsunami - an inevitable outcome of globalization and economic integration," said Suresh Gupta, Managing Partner, The Paaras Group.