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 ?
The offshore banking sector is gaining weight in the banking industry and is now a popular choice for people to set up banking businesses.
He has worked at six offshore banking centers, he said, and has been engaged in a long-running battle with Swiss banks over secrecy.
The online service, Fsharp, was set up in September 1999, providing offshore banking operations for cash-rich British and Irish ex-pats.
The 35-year-old ex-Dutch international is accused of having undeclared income and transferring pounds 5.5million to offshore banking companies without the necessary permits.
The Russian scams are a window onto the seedy world of offshore banking. One-third of the wealth of the world's richest individuals--nearly $6 trillion out of $17.5 trillion--may be held in offshore accounts, according to Merrill Lynch & Gemini Consulting's World Wealth Report.
The balance of offshore banking assets for the Japan Offshore Market rose 2.6% in June from a month earlier to 62.29 trillion yen, the first upturn in seven months, the Finance Ministry said Monday.
Fsharp, the Internet offshore banking operation of the Bank of Ireland, is set to launch its new offshore expatriate banking service on 4 September.
Offshore banking has been crucial to the movement of funds in and around the Middle East.
Offshore banking safeguards savings for expatriates and provides a means of paying bills and controlling their cash in the UK.
For many years, both U.S.-chartered banks and foreign banks have conducted extensive activities at branches in offshore banking centers, principally the Bahamas and the Cayman Islands.
For the two offshore banking centers in the sample (Hong Kong and Panama), the stock of FDI is corrected using the technique in Saltz [International Review of Economics and Business, forthcoming], which estimates the level of FDI if the country were not an offshore banking center.
The Bangladesh central bank has said that it has eased many of rules and regulations for firms' offshore banking operations.