offshore

(redirected from Offshore Account)
Also found in: Dictionary, Thesaurus, Legal, Financial.

offshore

based or operating abroad in places where the tax system is more advantageous than that of the home country

offshore

[′ȯf¦shȯr]
(geology)
The comparatively flat zone of variable width extending from the outer margin of the shoreface to the edge of the continental shelf.
References in periodicals archive ?
I would urge anyone with offshore accounts holding untaxed income or gains to take advantage of this simple and straightforward scheme.
The IRS has been studying offshore accounts since October 2000, when the first Federal judge granted it the authority to issue a series of "John Doe" summonses to several financial and commercial businesses, to obtain records of U.
But offshore accounts are likewise a gamble, because they're viewed with such hostility by the courts that judges have been known to hold trust beneficiaries in contempt, with jail time, for refusing to repatriate assets.
According to Watson's representatives, the actress set up the offshore account for the sole purpose of "protecting her anonymity and safety.
An offshore account benefits customers by providing them with access to their portfolio no matter where in the world they are.
One way or another, offshore account holders - depending on the laws of their home country or current country of residence - will have to pay their dues.
An anonymous source provided the list from the Panamanian law firm, Mossack Fonseca, which specialises in establishing offshore accounts, to a German newspaper.
While most countries do not guarantee bank deposits or provide less compensation for domestic accounts, offshore account holders can feel confident in the knowledge that their money is secure, says Gregory.
Offshore account holders making disclosures under the NDO face a fixed penalty of ten per cent, but those taxpayers who were informed of the previous ODF by HMRC and who did not come forward under the 2007 ODF will face a 20 per cent fixed penalty.
Meanwhile as the dust settles following the Grand National Charlie Swan is already looking forward to next year's Aintree showpiece for both Offshore Account and Oodachee.
OFFSHORE ACCOUNT will not race again this season after trainer Charlie Swan yesterday reported that the eight-year-old has had a setback, writes Tony O'Hehir.
The Iceland government will face a no-confidence motion debate in parliament Friday over the massive data leak that revealed an offshore account link to Sigmundur David Gunnlaugsson, who stepped down as the country's prime minister Tuesday after much pressure.