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Offshore

This term literally means “at sea, away from the coast”. In economics and finance, offshore refers to a type of company that is registered in a country other than the one in which it operates and which is considered a tax haven.

Offshore companies are registered in the name of individuals or companies that are not physically resident in the country where they are registered. They are also known as opaque companies. A company of this type does not necessarily imply a tax offence.