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The
Definition of 'Offshore'
The
word ‘Offshore’ often casts an exotic picture of
palm trees, beaches and dreams of summer holidays, but what
does the word actually mean?:
1.
[adv] away from shore; away from land; "cruising three
miles offshore"
2. [adj] (of winds) coming from the land; "offshore winds"
3. [adj] at some distance from the shore; "offshore oil
reserves"; "an offshore island"
In
terms of finance though, Offshore is an international term meaning
not just 'out of your country' (jurisdiction) but out of the
tax reach of your country of residence or citizenship; synonymous
with foreign, transnational, global, international, transworld
and multi-national.
Ask
people to name an Offshore location and you will be surprised
how many people say “Hong Kong, The Cayman Islands, Bermuda”
and even in some instances “Australia”. Of course
these are all correct, they are all “Offshore locations”
in the true context of the words. But in terms of highly regulated,
tax efficient, protected and confidential Offshore Financial
Centres, those locations do not meet the strict criteria that
Financial Page International look for when
seeking out secure and stable environments from which we can
advise Clients to base their finances.
When
dealing with our Clients' finances, Financial Page International
like to use the three highly regulated Offshore Financial Centres
that exist around the UK: the islands of Jersey and Guernsey
which are based in the Channel Islands between the UK and France
and the Isle of Man which is located between Ireland and England.
This does not mean that other Offshore locations do not offer
taxation benefits, but Financial Page International
feel that the best overall packages for their clients
in terms of security, safety, confidentiality and protection
lie in these three regulated locations.
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