offshore bank
Overseas financial institution
An offshore bank is a financial institution located in a country other than the depositor's home country, typically in a jurisdiction with favorable tax laws, banking secrecy, or lighter regulations.
People and businesses use offshore banks for legitimate purposes like international commerce and asset protection, but the term carries associations with tax evasion and hiding money: The investigation revealed millions stashed in offshore banks.
Exposed secret shell companies
- money launderingDisguising criminal proceeds' origins
- tax evasionIllegally avoiding government dues
- financial crimeIllegal acts involving money
- shell companyInactive firm for transactions
illicit funds · dirty money · corruption · fraud · concealment · whistleblower · investigation · kleptocracy
Quality of protecting secrets
- anonymityUnknown identity state
- discretionCareful judgment in speech
- financial privacyProtected personal money information
- numbered accountBank holding identified by digits
client privilege · non-disclosure · hidden assets · untraceable · identity protection · sealed records · undisclosed · opacity
Caribbean British overseas territory
- SwitzerlandAlpine republic, perpetually neutral
- PanamaIsthmus nation with waterway
- BermudaNorth Atlantic island group
- BahamasAtlantic island nation
Jersey · Guernsey · Isle of Man · Luxembourg · Singapore · British Virgin Islands · Liechtenstein · Monaco
Securing owned resources legally
- wealth managementOverseeing affluent clients' finances
- trustConfidence in another
- estate planningPreparing asset distribution posthumously
- inheritanceProperty received from ancestors
capital preservation · diversification · portfolio · fiduciary · asset allocation · tax optimization · holding company · foundation
Forming a legal entity
- shell companyInactive firm for transactions
- subsidiaryOf lesser importance
- holding companyBusiness owning other businesses
- registered agentEntity's official legal contact
Panama Papers
Exposed secret shell companies
- money launderingDisguising criminal proceeds' origins
- tax evasionIllegally avoiding government dues
- financial crimeIllegal acts involving money
shell company · illicit funds · dirty money · corruption · fraud · concealment · whistleblower · investigation · kleptocracy · blacklist
confidentiality
Quality of protecting secrets
- anonymityUnknown identity state
- discretionCareful judgment in speech
- financial privacyProtected personal money information
numbered account · client privilege · non-disclosure · hidden assets · untraceable · identity protection · sealed records · undisclosed · opacity
Cayman Islands
Caribbean British overseas territory
- SwitzerlandAlpine republic, perpetually neutral
- PanamaIsthmus nation with waterway
- BermudaNorth Atlantic island group
Bahamas · Jersey · Guernsey · Isle of Man · Luxembourg · Singapore · British Virgin Islands · Liechtenstein · Monaco · Mauritius
asset protection
Securing owned resources legally
- wealth managementOverseeing affluent clients' finances
- trustConfidence in another
- estate planningPreparing asset distribution posthumously
inheritance · capital preservation · diversification · portfolio · fiduciary · asset allocation · tax optimization · holding company · foundation · patrimony
incorporation
Forming a legal entity
- shell companyInactive firm for transactions
- subsidiaryOf lesser importance
- holding companyBusiness owning other businesses
offshore banklocal bank
Nearby financial institution
local branch · national bank · community bank · regional bank · credit union
offshore, bank, shore, shores, shored, shoring, banks, banked, banking