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 ?
"'I would urge anyone with offshore accounts holding untaxed income or gains to take advantage of this simple and straightforward scheme.
The IRS has been studying offshore accounts since October 2000, when the first Federal judge granted it the authority to issue a series of "John Doe" summonses to several financial and commercial businesses, to obtain records of U.S.
Obviously, it is the demands of his internationally mobile lifestyle that prodded him to set up an offshore account with HSBC about 15 years ago.
Financial advisers say a new tax amnesty announced by the Government is likely to be of "great interest" for individuals with offshore accounts.
Offshore Account was running a big race in the Aintree marathon on Saturday, before tiring to finish 15th of the 17 who completed the course.
The Iceland government will face a no-confidence motion debate in parliament Friday over the massive data leak that revealed an offshore account link to Sigmundur David Gunnlaugsson, who stepped down as the country's prime minister Tuesday after much pressure.
His error left the race at the mercy of Offshore Account (8-1).
While most countries do not guarantee bank deposits or provide less compensation for domestic accounts, offshore account holders can feel confident in the knowledge that their money is secure, says Gregory.
PRICEWISE Tom Segal 1 Offshore Account 2 Big Fella Thanks 3 Irish Invader 4 Rambling Minster SPOTLIGHT Richard Austen 1 Rambling Minster 2 Darkness 3 Black Apalachi 4 My Will MATT WILLIAMS 1 Himalayan Trail 2 Hear The Echo 3 Rambling Minster 4 Parsons Legacy RP RATINGS Steve Mason 1 My Will 2 Black Apalachi 3 State Of Play 4 Rambling Minster TRENDS Craig Thake 1 Darkness 2 Rambling Minster 3 My Will 4 Parsons Legacy TOPSPEED Dave Edwards 1 Darkness 2 My Will 3 Cornish Sett 4 Brooklyn Brownie TONY O'HEHIR 1 Hear The Echo 2 Butler's Cabin 3 Snowy Morning 4 Darkness GERALD DELAMERE 1 Butler's Cabin 2 Cornish Sett 3 State Of Play 4 Himalayan Trail
At its most basic a UK domiciled and resident citizen may for example have an offshore account simply to facilitate the paying of expenses of a holiday home abroad.
"For offshore account holders and their advisers, it is now a question of when, not if, they will be contacted by HMRC."
THERE'S nothing to stop you having an offshore account but you must declare any interest you receive.