offshore

(redirected from Offshore banking)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.
Related to Offshore 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 ?
It became a licensed offshore banking branch in 1997.
"The casino sector and the offshore banking sector remain of concern for money laundering abuse," the report said.
The activities of Luxembourg Offshore Banking and LUXOSB Limited are scams.
Yet in recent years, offshore banking and investing has earned itself a mixed reputation.
They make clear that policing offshore banking and tax havens and the rogues who use them cannot be done by any one country alone.
ADCB's Jersey Branch makes offshore banking stress-free, allowing clients to easily access their account via secure online portals anywhere in the world.
Swiss bank UBS AG (NYSE:UBS) has come under investigation from French authorities on suspicions that it helped its French subsidiary, UBS France, illegally sell secret offshore banking accounts to French citizens, the New York Times (http://dealbook.nytimes.com/2013/06/07/ubs-under-investigation-for-tax-evasion-in-france/?partner=rss&emc=rss) reports .
Another option is offshore banking, which can give you privacy and perhaps help reduce tax liabilities.
dollar syndicated loans through offshore banking units (OBUs) of Taiwanese banks, Bank of China and Bank of Communications, both Chinese state-run banks, plan to have their branches in Taiwan follow Taiwanese banks' footsteps.
Though the extent to which Turkish companies were participating in offshore banking remained fuzzy before Monday's report, which was one of the most comprehensive yet on assets stored in tax havens, Ankara in recent years has launched campaigns to crack down on off-shoring in recent years.
Rather than crying crocodile tears over such schemes, what he and the Government should be doing is making it illegal for British subjects and corporations to use offshore banking arrangements.
Summary: Offshore banking assets fell 10 pct in March; Bahrain declared martial law in March to quell unrest