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 ?

Second, if cost savings are what motivate the offshore contracts, organizations are less likely to spend the time and effort to conduct a thorough validation and testing of the code when a finished product is developed.

The risks of outsourcing: how to secure the outsourcing beast

RGA Technology Partners has outsourced some application development of noncore components and client-system integration of its software product, Automated Underwriting and Risk Analysis, to an offshore Indian firm.

Eyes on India. (Technology: Global Outsourcing)

2003-11, to participate in the Offshore Voluntary Compliance Initiative, a taxpayer must send a written request by April 15, 2003, if by U.

Amnesty for offshore tax evaders

Ferranti lists four elements as necessary for a successful offshore engagement:

FORTUNE 500 FIRMS VALIDATE COST SAVINGS OF BOOMING OFFSHORE OUTSOURCING MARKET

Offshore is home to nearly a third of all hedge funds, such as Longterm Capital Management, which was licensed in the Caymans, where U.

Fool Me Twice

residents from offshore offices were available, but data were not collected regularly.

U.S. branches and agencies of foreign banks: a new look

To date, few offshore BPO firms in any country promote customer satisfaction in their presentations.

Needed: new breed of offshore BPO provider. (International Outsourcing)

Ultimately, any successful effort to crack down on offshore fraud and abuse will require foreign governments to change their policies.

Offshore underbelly: the ability to perpetrate insurance fraud offshore is enhanced by the capabilities of the Internet. The financial loss to insurers is compounded by the loss of trust in the industry that fraud causes. (Fraud: Q&A Industry Strategies)