offshore

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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 ?
There are also those who divert funds from illegitimate interests into offshore accounts.
In fact, Steve Gregory of Holborn Assets, explains that while depositors of offshore accounts in the Isle of Man are "generally" untaxed, European Union residents are still obliged to pay taxes.
The company also said that it would stop US clients from holding any of its offshore accounts services.
The case stems from a lawsuit filed earlier this year and affects as many as 52,000 US taxpayers suspected of holding UBS offshore accounts to avoid paying US taxes.
The TUC, which analysed figures from a recent parliamentary answer, said that in the past three years pounds 319m of tax was lost on a total income from offshore accounts of pounds 1.
The pope is expected to denounce tax havens and offshore accounts because they harm society as a whole.
Italian investigators uncovered a multi-billion dollar accounting hole at Parmalat, charging that the dairy producer had created fake offshore accounts.
Currently, the Service is investigating several thousand offshore accounts, and has referred a large number of these to its Criminal Investigation Division.
BRITISH fat cats who invest money in offshore accounts will lose millions of pounds in tax advantages as part of a global clampdown.
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.
Hess at first made no comment regarding his role as member of the Board of Trustees at the three firms with offshore status, but then defended his involvement with the companies as being no different from "all the large investment banks which operate via offshore accounts.
Sante (who is thought to have grown up in Studio City) served jail time in the '80s for keeping servants against their will; the trials cost Ken much of his fortune, and what he didn't spend he hid in offshore accounts, so when he died, his widow didn't have what she considered enough money to live in the manner to which she was accustomed.