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.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Like being granted legal aid despite two off-shore bank accounts in Jersey and Switzerland, a wealthy American wife, homes in London, America and Portugal and a Mercedes with a personalised number plate.
And pounds 1 million was later paid to the IRA through off-shore bank accounts.
Labour leader Ruairi Quinn said Labour claimed a "golden circle" of the wealthy hid money in the off-shore bank while ordinary people were paying "penal" tax rates.
Police don't know where the bulk of the cash is but suspect Restorick may have stashed it in off-shore bank accounts.
Shocked colleagues said they thought he was "guilt ridden" over the 900 hidden off-shore bank accounts set up by executives in a complicated scheme to boost its share price.
Shocked colleagues said they thought he may have been "guilt ridden" over the 900 hidden off-shore bank accounts set up by executives in a complicated scheme to boost the firm's share price.
They became suspicious after large amounts of money were tracked leaving the country to a number of off-shore bank accounts.
AN IRISHMAN who worked with former Taoiseach Charles Haughey ran an off-shore bank from his home, a US Senate report claimed yesterday.
Two cancer specialists who examined the former Fianna Fail leader found he is well enough to continue giving evidence about his web of off-shore bank accounts and payments totalling millions of pounds.
The backbencher surrendered the whip after revelations that he was a major account holder in the off-shore bank. His resignation was announced in the Dail yesterday by Taoiseach Bertie Ahern.
This means he was paid pounds 800-a-day for looking after the off-shore bank accounts of Irish people trying to evade tax.
But logic says that off-shore bank accounts operated by the accountant for a Fianna Fail Taoiseach will, naturally, have been biased towards his supporters.