offshore

(redirected from Offshore banks)
Also found in: Dictionary, Thesaurus, Legal, Financial.
Related to Offshore banks: Swiss banks

offshore

based or operating abroad in places where the tax system is more advantageous than that of the home country
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005

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.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
So what to make of the recent seemingly bold moves to allow foreigners participating in the Chinese bond market and offshore banks in Hong Kong to transfer renminbi freely among them?
"However with the Government so determined to claw back this unpaid tax and maintaining strong pressure on the offshore banks - many of whom are subsidiaries of UK banks - to reveal all, the gamble is too great a risk to take.
The MAS earlier renamed ''restricted banks'' as ''wholesale banks'' to simplify its licensing system to a two-tier regime of full banks and wholesale banks from its three-tier regime of full, restricted and offshore banks.
Northern and Grand Banks fish spawned on respective portions of the offshore banks, sowing the ocean currents with trillions of eggs.
The criminals used these accounts to launder millions of dollars to offshore banks, according to Tom O'Connell, an INS agent on the case.
O'Shea said that the expatriate community is an important market to operate within and that most expatriates perceive that offshore banks are somewhat of an unnecessary evil because they do not really service the expatriate's needs.
This eliminates the bias created by the large amounts of FDI present in offshore banks that really have little affect on output.
?Digibank has joined the ranks of Class-A licensed offshore banks of the Commonwealth of Dominica, the company said.
Offshore banks have helped Australian banks create significant inroads into overseas banks, while delivering multimillion dollar tax breaks to the big four banks and the Macquarie Group.
Belize is not a major regional financial center but, in an attempt to diversify its economic activities, authorities have encouraged the growth of offshore financial activities that are vulnerable to money laundering, including offshore banks, insurance companies, trust service providers, mutual fund companies, and international business companies.
Most offshore banks will offer accounts in the major currencies and the currencies most used by expatriates," Ashley notes.
A similar agency existed before the fraud scheme, but only monitored offshore banks. The First International Bank of Grenada collapsed in 2000 after its owner promised investors huge returns from the bank, which he said was backed by a US$20 million ruby carved into a statue of a boy on a water buffalo.