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 ?
BANKING AND CREDIT NEWS-February 25, 2014-HMRC launches new campaign to target offshore account holders in clamp-down on tax evasion
But one year prior to filing the lawsuit, Olenicoff pleaded guilty to tax evasion and falsifying his tax returns by failing to disclose those offshore accounts. He eventually paid $52 million in back taxes.
BERLIN, March 30 (Reuters) - Germany and Switzerland scrambled on Friday to salvage a landmark deal on taxing secret offshore accounts after the main German opposition party raised 11th hour objections to a compromise plan it branded full of "loopholes".
FOOTBALL manager Harry Redknapp angrily denied taking a "bung" and insisted cash in an offshore account was a "bonus" from Peter Crouch's pounds 5 million move to Aston Villa.
"For those that have missed the boat the prospect of a call from HMRC is now very real as more and more financial institutions open up their records and allow the taxman access to offshore account details.
The dad-of-one also pled guilty to using fake company names to transfer pounds 126,400 into an offshore account.
"'I would urge anyone with offshore accounts holding untaxed income or gains to take advantage of this simple and straightforward scheme.
The US government and Swiss bank UBS have reached a deal to resolve a dispute over the disclosure of the names of American clients who are suspected of evading tax by holding offshore accounts.
MIAMI: A judge yesterday postponed the opening of a trial in a lawsuit seeking to force Swiss financial giant UBS to reveal the identities of thousands of US clients with offshore accounts.
authorities that it will close the offshore accounts of American account holders.
Three-quarters of this withheld tax is then paid to the UK Government, with the rest retained by the government of the tax haven, giving an effective UK tax rate on offshore accounts of 11.25 per cent, rather than the 40 per cent which would have been paid if the money was held in the UK.
The pope is expected to denounce tax havens and offshore accounts because they harm society as a whole.