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 ?
BANKING AND CREDIT NEWS-January 3, 2018-Commonwealth of Dominica adds offshore bank
No physical presence is required for offshore sector entities and businesses, with the exception of offshore banks.
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.
An offshore bank account is managed just like any local or domestic account, says Steve Gregory, director or technical services of Holborn Assets.
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.
With its headquarters in Jersey and launched in 1996, The Royal Bank of Scotland International is one of the world's leading and largest offshore banks.
In the latest ruling by Special Commissioners four high street banks were required to provide details of offshore banks to HMRC.
The Norwegian IT group EDB Business Partner ASA said on Tuesday (13 January) that it had received contracts for complete card solutions from offshore banks in the Isle of Man, Jersey and Guernsey.