Homonym: offshore (Banking)
"Offshore" refers to activities or operations that take place in a location away from the mainland, often in the ocean. This term is commonly used in industries like fishing, oil drilling, and wind energy, where companies set up facilities or conduct work in international waters or coastal areas.
In finance, "offshore" describes accounts or companies established outside one's home country, typically for tax benefits or privacy. Many individuals and businesses use offshore banking to manage assets, while offshore companies can help reduce tax liabilities and protect wealth from local regulations.