offshore

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offshore

a term used to describe vehicles or institutions based in, or regulated by, the laws of a jurisdiction that either has no tax or low tax for non-locals and that specializes in providing services of a financial or legal nature to persons and businesses ‘onshore’, that is to say, in high-tax jurisdictions. While many such jurisdictions are based on islands, which has brought about the terminology in a literal sense, the littoral location of the investment is irrelevant.
References in periodicals archive ?
Islamabad [Pakistan], Nov 6 ( ANI ): A new expose has again created a political furor in Pakistan after former Prime Minister Shaukat Aziz's name figured in the huge leak of documents, which disclosed how a number of politicians, among others, allegedly invested vast sums of money in off-shore accounts.
We are being told that holding an off-shore account is legal, but to use it for criminal purposes is illegal.
According to Kohn, for example, Bradley Birkenfeld's whistleblowing exposing illegal off-shore accounts by U.
Banking and financial services organisation HSBC is closing the Jersey accounts of customers who reside in the UK, as part of steps being taken to check the identity and addresses of thousands of their customers on the Channel Islands and with banks currently under pressure to ensure that off-shore accounts cannot be used to hide money from UK tax authorities.
The money of the off-shore accounts, which foreign citizens wish to take to Macedonia, is welcome provided it enters the country as investment rather than deposits, says former Finance Minister Trajko Slaveski.
VIENNA, April 8 (KUNA) -- Finance Minister Maria Fekter said Monday that Austria will not give up its banking confidentiality, even in light of a worldwide scandal involving over a hundred thousand people depositing money in off-shore accounts in tax havens.
We would also recover the looted money which was transferred out of Pakistan illegally and has been kept in off-shore accounts," said Imran Khan while addressing a youth convention held here at Tehmash Football Stadium under the banner of Insaf Students Federation (ISF).
The amount of cash sitting in off-shore accounts appears to be much higher than TJN researchers had anticipated.
There are billions swilling around in the tax-payer subsidised banks, and billions salted away in off-shore accounts.
My contact from Juba has shown several cases where senior officials have instructed a local bank to channel payments to Kenyan companies through off-shore accounts in Mauritius.
While bankers continue to roll in bonuses and fat cat tycoons stash millions of tax-free cash in their off-shore accounts, yet again it's ordinary people who are being robbed to pay off the national debt.
They, alone, appear to have the courage to confront not only the political establishment whose rank hypocrisy knows no bounds, but also the filthy rich who stash money in off-shore accounts to avoid paying tax and the Royal Family who enjoy lives of privilege without responsibility.