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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.
References in periodicals archive ?
And it has also emerged that the Revenue Commissioners did not know Collins had a bogus off-shore account when they issued him with a tax clearance certificate after the general election in May.
Islamabad [Pakistan], Nov 6 ( ANI ): A new expose has again created a political furor in Pakistan after former Prime Minister Shaukat Aziz's name figured in the huge leak of documents, which disclosed how a number of politicians, among others, allegedly invested vast sums of money in off-shore accounts.
According to Kohn, for example, Bradley Birkenfeld's whistleblowing exposing illegal off-shore accounts by U.S.
Banking and financial services organisation HSBC is closing the Jersey accounts of customers who reside in the UK, as part of steps being taken to check the identity and addresses of thousands of their customers on the Channel Islands and with banks currently under pressure to ensure that off-shore accounts cannot be used to hide money from UK tax authorities.
The money of the off-shore accounts, which foreign citizens wish to take to Macedonia, is welcome provided it enters the country as investment rather than deposits, says former Finance Minister Trajko Slaveski.
| VIENNA, April 8 (KUNA) -- Finance Minister Maria Fekter said Monday that Austria will not give up its banking confidentiality, even in light of a worldwide scandal involving over a hundred thousand people depositing money in off-shore accounts in tax havens.
Kazakhstan is among the top 20 countries for super-wealthy tax dodgers, with an estimated $138 billion in individual assets, or more than four times the country's estimated state revenue in 2012, deposited in off-shore accounts. Among other former Soviet states, Russian citizens have an estimated $798 billion hidden off-shore, while Ukrainians and Azerbaijanis have ferreted away $167 billion and $48 billion respectively, reported EurasiaNet.org with references to the report, titled The Price of Offshore Revisited.
There are billions swilling around in the tax-payer subsidised banks, and billions salted away in off-shore accounts.
My contact from Juba has shown several cases where senior officials have instructed a local bank to channel payments to Kenyan companies through off-shore accounts in Mauritius.
Chancellor Alistair Darling stepped in to guarantee savers in the UK arms of Icelandic banks Landsbanki and Kaupthing last October, but no help has been given to those with off-shore accounts.
"He told her he was having difficulty getting funds from his off-shore accounts and asked her to take out a loan.
The scheme, which involved off-shore accounts offering spectacular returns, appeared to be too good to be true to Jonathan Webster, the composer's business manager, and no money was invested.