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 ?
Digibank aims to incorporate technology to traditional offshore bank services to achieve 3 crucial comparative advantages: full digitalization, faster processing speed and lower transaction cost.
Trillanes said it was clear the President was lying and that the latter just made up the story that he had secret offshore bank accounts.
Justice Khalid Mehmood of LHC took up 26 politicians offshore bank accounts case for hearing Tuesday.
While establishing an offshore bank account may have once seemed to some people like a clever way to keep their hard-earned money from the IRS, U.
I recommend those who have undisclosed offshore bank accounts to come forward to avoid facing penalties and even jail.
It has also just written to a further 5,000 others who have offshore bank accounts but who did not come forward first time round.
THE taxman is coming - with offshore bank account holders the target.
BMI will manage BMI Offshore Bank, a joint venture with locally incorporated Nouvobanq, the largest bank in Seychelles .
The move follows an investigation into a number of business and personal offshore bank accounts being operated by the individuals.
Q: Is an FBAR the correct form to file for an individual offshore bank account?
At this year's IMF-World Bank meeting, France proposed, in effect, to ban offshore bank and corporate secrecy.
By using an offshore bank, the company can do so without paying the taxes involved in repatriation of monies.