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 ?
Although off-shore banks (composed of 88 conventional and Islamic banks that account for about 70 per cent of the Bahraini banking sector) do very little lending within Bahrain, some smaller specialised institutions are highly exposed to Bahraini and regional real estate through proprietary investments and are likely to face increased pressures.
Although off-shore banks (composed of 88 conventional and Islamic banks that account for about 70 per cent of the Bahraini banking sector) do very little lending within Bahrain, some smaller specialized institutions are highly exposed to Bahraini and regional real estate through proprietary investments and are likely to face increased pressures, according to the report.
Its off-shore banks attract many businesses and individuals because of the favourable rates of tax.