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 ?
'...the number (of offshore accounts) is mind-boggling.
He said that he was unable to form an opinion with regards to the repayment of the Sh53.2 billion syndicated loan directly from the offshore account.
Does the caretaker government have the mandate to amend laws to allow offshore account holders to pay a tax at very low rate of 2 percent on their ill- gotten wealth stashed away into offshore accounts and immovable properties?
Chris Till, CEO of Standard Bank Isle of Man, said, 'We are delighted to have been recognised for our offshore account services in such a competitive environment and through such a rigorous judging process.
"I hope we won't find out you have an offshore account in the Bahamas," Ms Le Pen said.
HM Treasury and HM Revenue & Customs reported on Monday that British chancellor of the exchequer George Osborne has launched a new campaign which targets taxpayers with money hidden in offshore accounts.
During the discussion, Redknapp also denied claims by his former Portsmouth chairman Milan Mandaric that money sent to the manager's offshore accounts were investments outside football.
Tax experts in the West Midlands estimate that approximately 13,000 people registered with HM Revenue and Customs' scheme to disclose undeclared funds in offshore accounts.
The dad-of-one also pled guilty to using fake company names to transfer pounds 126,400 into an offshore account.
Brian Clark, senior tax partner at PricewaterhouseCoopers, in Liver pool, said: Now is a critical time for anyone with undeclared funds in an offshore account or undeclared income from offshore assets, to take stock of their situation and 'come clean', if they don't want to pay the consequences of their mistakes.
US authorities are asking a federal court to order UBS to reveal the names of American offshore account holders, saying the Swiss bank "systematically and deliberately" violated US laws.
Offshore Account ran well for a long way before fading into 15th place of the 17 finishers as Swan's first runner in the Aintree showpiece on Saturday.