Meaning of the word "offshore banking" in English
What does "offshore banking" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
offshore banking
US /ˌɔːfʃɔːr ˈbæŋkɪŋ/
UK /ˌɔːfʃɔːr ˈbæŋkɪŋ/
Noun
1.
the practice of using banks in foreign countries, typically those with lower taxes and less regulation, to hold money or assets
Example:
•
Many wealthy individuals engage in offshore banking to minimize their tax liabilities.
•
The new regulations aim to curb illegal activities associated with offshore banking.
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