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 move would mean that several of the offshore banks in the island would not be able to open accounts with the Fed that give them direct access to the US financial system.
The investments in shares in Pakistan-listed entities are largely held through a portfolio account with an offshore bank or an offshore entity in countries called tax havens.
As of 2016, the offshore financial sector includes five offshore banks, four offshore insurance companies, 16 registered agents, 39 mutual fund managers and administrators handling 92 mutual funds, and two casinos.
While some offshore banks have maintained a longstanding relationship for over thirty years with their clientele and benefit from their loyalty, others have only recently entered the market and struggle to position themselves with a distinct client value proposition.
Germany and France have given various names of people holding account in offshore banks," said Swamy.
Central bank data showed that foreign assets of offshore banks fell while both their domestic assets and assets of local retail banks remained stable throughout the unrest.
It is also reviewing for downgrading offshore banks including Arab Banking Corporation and Gulf International Bank and has given Inverstcorp Bank and United Gulf Bank a negative rating.
In July this year, it took another step by allowing offshore banks to transfer renminbi among themselves by establishing an inter-bank renminbi <AUBIO> Chi Lo is CEO of HFT Investment Management in Hong Kong, and author of China After the Subprime Crisis: Opportunities in the New Economic Landscape (Palgrave Macmillan, November 2010).
29 (BNA) THE UAE CENTRAL BANK SAID TODAY THAT IT HAD BEEN BACKING UP UAE AND OFFSHORE BANKS ALIKE.
Some of these include the fact that offshore banks are generally located in an area that offer greater privacy to depositors, low or zero taxation and less restrictive legal regulation, among others.
SIR - Icelandic banks are not the only offshore banks that have turned out to be disastrous for UK taxpayers.
In 2002, Grenada suspended its financial sector's operations and later revoked the licenses of all offshore banks.