Homonym: Offshore (Banking)
"Offshore" refers to activities or operations that take place in the ocean, away from the shore. This term is commonly used in various contexts, such as offshore drilling for oil and gas, where companies extract resources from beneath the seabed. It can also refer to offshore wind farms, which generate renewable energy by harnessing wind power over the water.
In a financial context, "offshore" describes banking or business activities conducted outside one's home country, often in jurisdictions with favorable tax regulations. Many individuals and companies use offshore accounts or companies to manage assets, reduce taxes, or maintain privacy. This practice is legal but can sometimes raise ethical concerns.