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 ?
A Free Trade Agreement (FTA) with the US was signed in 2011, resulting in a flood of off-shore accounts from all over the world.
He said that the members of parliament should also submit certificate of no off-shore account with Election Commission of Pakistan besides legislation about conflict of interest.
On Wednesday Mr Bryson told the finance committee a "success fee" linked to the Nama sale was paid into a dormant Danske Bank account in Belfast's Donegall Square West branch and from there transferred to an off-shore account.
But there were allegations of sleaze when he gave the Tories pounds 1million from an off-shore account. It's now said up to six rich Tories are refusing to give anything more until Ashcroft is sacked.
On Wednesday the loyalist told the finance committee a "success fee" linked to the Nama sale was paid into a dormant bank account in Belfast and from there to an off-shore account.
He also used the off-shore account 'to hide withdrawals in his own favour for an amount totalling more than 750 million euros (pounds 531.9 million)'.
An off-shore account is the most likely destination.
The high-profile loyalist blogger and flag protester told the finance committee at Parliament Buildings in Belfast the fee was to be paid into an off-shore account.
Shah was allegedly trying to extort millions from film magnate Harvey Weinstein and even threatened to kill his family on failure to deposit the amount in an off-shore account.
But the Mole can reveal every penny of the pounds 5m was immediately shipped into owner Alexandre Gaydamak's (right) off-shore account.
A Lloyds Bank employee traced the funds to an off-shore account in Guernsey created by Whaley.
Under cross-examination, the court later heard allegations that Gary Woodward transferred pounds 180,000 from the trust fund to an off-shore account.