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.
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.
Their arrival comes a day after Prime Minister Nawaz Sharif reached in London for what his office said is \'medical treatment\', at a time when he is under fire from opposition parties for his family\'s off-shore accounts exposed by the Panama Papers.
Those who plundered national wealth and siphoned off it to off-shore accounts must be held accountable, Khan said.
THE Panama Papers, those millions of documents leaked to the world's Press, reveal how many of the world's well off, from David Cameron's late father to political leaders, have had off-shore accounts into which they pumped cash to legally avoid paying tax.
The candidates need to showcase their plans on repatriating the nearly $1 trillion businesses have in off-shore accounts to avoid tax instead of pulling the rug from under charities and their abilities to deliver services.
It's mostly used to target big-time fraudsters who are hiding businesses or off-shore accounts, plus it relies on public data (but can demand that companies hand over data if a tax case depends on it).
According to Kohn, for example, Bradley Birkenfeld's whistleblowing exposing illegal off-shore accounts by U.S.
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).