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 ?
Peter England, RAKBANK CEO, said, "We are pleased to have partnered with DFCC Bank to support their general expansion plan of the Offshore Banking Unit.
They make clear that policing offshore banking and tax havens and the rogues who use them cannot be done by any one country alone.
According to Bloomberg News, offshore banking is growing as both the rich and the not-so-rich look for safe places to stash their cash.
Mahathir" brings up Mokhzani Mahathir, the son of Malaysia's former prime minister, and several companies linked to him that are based in Malaysia's offshore banking center Labuan.
The bank stopped providing offshore banking services to U.
Connor says offshore banking also enables you to carry out transactions anonymously and keep your assets protected against "unsubstantiated lawsuits and unjustified claims".
Despite being shrugged off Ankara's agenda earlier this year, however, BahE*eE-ehir University economics professor Seyfettin GE-rsel says that offshore banking remains a pressing issue for the government, and must be addressed as part of a wider culture of tax evasion in Turkey.
Summary: Offshore banking assets fell 10 pct in March; Bahrain declared martial law in March to quell unrest
Kotilaine, chief economist at the National Commercial Bank, said as offshore banking thrives on safety, security, and predictability, Bahrain has had only exceptional uncertainty to offer in recent weeks.
com offers clients from across the globe assistance in acquiring both onshore and offshore banking licenses.
At a press conference 17 January in England, former Swiss bank executive Rudolf Elmer handed WikiLeaks' Julian Assange two optical discs that contained details on more than 2,000 people who amassed wealth, legally or otherwise, in their native countries, some who may have evaded income taxes, through offshore banking.
MANAMA: Citibank organised a seminar on offshore banking and wealth management opportunities for its affluent clients in Capital Club.