offshore banking
Overseas financial haven
Offshore banking is the practice of keeping money in financial institutions located in a foreign country, typically one with lower taxes, stricter privacy laws, or lighter regulations than the depositor's home country.
The term carries connotations of tax avoidance or hiding assets: The investigation revealed offshore banking accounts in the Caymans.
While legitimate uses exist—international business, expatriate convenience—the phrase often implies something being concealed from domestic authorities.
- tax havensLow-levy jurisdictions for assets
- eurodollarDollar outside America
- tax sheltersLegal liability reduction methods
- capital flightRapid outflow of investments
- wealth managementOverseeing affluent clients' finances
shell companies · secrecy · shell corporations · shell game · Cayman Islands · Swiss bank account · numbered account · confidentiality · investment portfolios · corruption scandals · Panama · Panama Papers · tax avoidance · tax dodge · anonymous · hedge funds · hidden assets · hidden wealth
- bankingbank, banks, ATM, ATMs, account
- Finance WorldWall Street, stock exchange, stock exchanges, banks, central banks
- global financefinancial hubs, central banks, capital flows, exchange rates, foreign exchange
- UK FinanceBank of England, pound sterling, pound, gilts, FTSE
- Caribbean economicstourism industry, foreign investment, GDP, trade deficit, economic growth
- Financial CentersNew York, Wall Street, City of London, London, Hong Kong
offshore bankingcommunity banking
Regional financial institutions serving locals