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 ?
It has said it will upgrade all offshore banks to wholesale bank status over time, but plans to grant some 20 wholesale banking licenses over the next two years.
Offshore banks catering to crooks can live with Summers's mild reform proposals.
Use our Offshore Banks Survey results to see what offshore clients want in terms of products and services
Offshore banks have representative offices in the UAE, such as HSBC, Lloyds TSB, Barclays and Standard Bank.
The banking regulations governing offshore banks are different from the domestic banking regulations in terms of capital requirements.
Firstly, there is the concern that offshore bank accounts are being used to fund criminal and even terrorist activity.
officials by the now defunct Grenadian-licensed offshore bank, First Intl Bank of Grenada (FIBG), reports Caribbean Net News (Aug.
As of February 2006, no suspicious transaction reports had been filed with the Comorian Central Bank in Grand Comore as required under the existing Union law, and the branch of the Central Bank located in Anjouan had no knowledge of the shell bank entities that have been licensed by Anjouan's Offshore Finance Authority, which apparently operates independently from the Union's Central Bank and has licenced some 300 offshore banks, many of which appear to be shell banks.
It is a quantifiable assessment framework of 15 criteria, grouped within five critical amnesty conditions, that can be used by offshore banks to determine the likely impact of any announced amnesty on their assets under management.
Rivera and Francisco Zayas Seijo introduced legislation that would tax offshore banks operating on the island 10% on their profits, reports The San Juan Star (March 7, 2003).
Incorporates results from Datamonitor's Offshore Banks Survey 2010