offshore

(redirected from Off-Shore Bank)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia.

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 ?
Nobody is claiming he has trousered a brown envelope full of cash, nobody believes he has funnelled missing transfer funds into an off-shore bank account and, despite the best efforts of the BBC's Panorama and Fleet Street's finest investigative reporters, nobody has discovered that 'Arry Boy has ever done anything much wrong at all.
The court heard that from 1983 Kearns had off-shore bank and Trust accounts that he failed to declare when submitting income tax returns.
FACELIFT DIARIES (ITV1Wales, 8.30pm) I CAN remember a time when plastic surgery was only available to people with loads of cash in off-shore bank accounts.
The defendant is believed to have stashed much of his winnings in off-shore bank accounts as well as other investments.
Members of the media who ought to know better and assert that this is OK because Paris never sleeps neglect to add that for the ordinary punter who does not have an off-shore bank account, there isn't much to do in central Paris at that time of night except head back to the hotel.
Working on the Moriarty Tribunal investigating off-shore bank accounts, these law experts have been coining EUR2,500 for a day's work.
So too do the world's top football managers, who clearly love it more than an off-shore bank account.
Using a bogus passport and money salted away in off-shore bank accounts, he fled to Spain and set up an import firm which was an elaborate front for drug trafficking.
There are no off-shore bank accounts or any secrets.
Twice-married Gee - a Crown Court judge since 1991 - was granted legal aid even though he has off-shore bank accounts in Jersey and Switzerland.
About a task force to retrieve laundered money from off-shore banks, the minister said NAB prosecutor Shahzad Akbar was heading the task force.
Although off-shore banks (composed of 88 conventional and Islamic banks that account for about 70 per cent of the Bahraini banking sector) do very little lending within Bahrain, some smaller specialised institutions are highly exposed to Bahraini and regional real estate through proprietary investments and are likely to face increased pressures.