offshore

(redirected from Off-Shore Banking)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.
Related to Off-Shore Banking: Universal Banking, International banking

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 ?
The introduction of off-shore banking has opened many new channels in business and options in the sector.
EPZA provides one window operation with simplified procedures, secured environment, customs bonded area , uninterrupted power supply, Gas provided by utility company on priority, continuous water supply by EPZA, environment friendly atmosphere, easy access to seaport and air port, abundance of skilled and educated workforce, developed land available at competitive rates for 30 years lease, relief from double taxation subject to bilateral agreement, Off-shore Banking Units available to facilitate financial transactions and Offices of Clearing & Forwarding agents within the zone to investors.
Besides, the bank is more resilient to off-shore banking risks compared to some rivals, the agency added.
Investment houses in Bahrain's off-shore banking sector were very profitable during the oil and real estate boom in the region between 2002 and 2008 partly due to higher valuations of real estate in their books.
The CBB terms as wholesale banks Bahrain's off-shore banking sector, while the retail banks are mostly catering to the local economy.
Lloyds, which received a pounds 17 billion government bailout last year, denied any wrongdoing and said it would not comment The Panorama investigation into off-shore banking also looked into Northern Rock, who told Panorama's undercover customer he could avoid EU tax rules by opening an account in the name of a non-trading company.
Remember, both have small populations, Norway is awash with surplus oil and Switzerland has a large off-shore banking facility, as well as trading agreements with the EU.
Major crimes - drug-smuggling, murder, off-shore banking for crooks
It may be known for its off-shore banking or the annual TT bike festival.
China is pursuing a maritime strategy in the Caribbean to gain access and control over port facilities, free trade zone infrastructure, fisheries, oil and minerals, and off-shore banking platforms," stated the official, pointing to Beijing's control--through commercial surrogates--of the Panama Canal's anchor ports.