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 ?
There are also those who divert funds from illegitimate interests into offshore accounts.
It's been said that a huge portion of the wealth owned by the world's high-net worth individuals is stashed away in tightly secured offshore accounts, protected from the prying eyes of the taxman.
Dubai: Offshore accounts are no longer the preserve of the super-rich.
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.
A four-time winner over fences and an entry for the Cheltenham Gold Cup, Offshore Account landed his biggest win in the Grade 1 Ellier Developments Champion Novice Chase by 11 lengths at last year's Punchestown festival.
NEWSBOY'S 1-2-3 OFFSHORE ACCOUNT PASCO WEE ROBBIE OFFSHORE ACCOUNT ran a cracker in the William Hill Trophy at Cheltenham last month, and that performance earns him the nod in a t y p i c a l l y o p e n Topham.
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.
THE three who stand out for me are Snowy Morning, Offshore Account and Patsy Hall, all of whom showed top-class form in novice chases, and stay and jump well.
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.
Global Banking News-June 7, 2013--Canadian bank to reveal offshore account details to IRS(C)2013 ENPublishing - http://www.