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 ?
Those individuals should have the same tax liability on interest from money held in a UK as in a foreign bank account and that then should not influence an individual's choice in whether to use an offshore account or not.
Anyone who holds an offshore account or property and who comes to the notice of HMRC is likely, to say the very least, to receive an enabling letter from HMRC inviting them to account for what they hold and how they acquired it, and to consider whether any UK tax arises from its possession.
Offshore bank account holders must not feel that there's any shame or stigma if they have not disclosed these details before, as the Revenue understands that many people may just be unaware that they have to declare interest arising from offshore accounts in their UK tax returns.
The partial amnesty - aimed at giving holders of undeclared offshore accounts the chance to come clean over unpaid tax - may leave people liable to prosecution.
IRISH tax evaders with offshore accounts will have their names handed over to the Revenue Commissioners after a High Court order.
Under existing trust agreements, debt obligations are paid directly from offshore accounts.
HM Revenue and Customs yesterday announced arrangements to allow investors with offshore accounts and overseas property to disclose any income and gains not previously put on their tax returns - without being hit by hefty penalties.
And the taxman has raked in almost /500million as part of its investigation into offshore accounts.
John Cassidy, head of tax investigations at PKF and seminar speaker, said: "Since HMRC won its legal battle with Barclays Bank this year allowing access to offshore accounts, it is clamping down on anything with an offshore dimension.
The chairman of the Revenue Commissioners told the Oireachtas Public Accounts Committee yesterday that, in the year up to Wednesday, 3,500 people had made voluntary disclosures about offshore accounts and investments ahead of next Monday's deadline.
Similar strategies are also domiciled in Dublin for Payden & Rygel's offshore accounts.
The order that it must disclose details of offshore accounts held by British residents could cause a headache for some and be a grey cloud for many more, according to accountants Grant Thornton.