FACTOID # 2: Puerto Rico has roughly the same gross state product as Montana, Wyoming and North Dakota combined.
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Encyclopedia > Offshore

Offshore has three principal meanings:

  1. Physical - in the sea away from the shore; not on the shoreline but out to sea.
  2. Offshore Industry - Industry related to equipment for offshore oil and gas.
  3. Financial - a relative term generally applied to low tax jurisdictions on "off-shore" islands - hence the association with the physical meaning. Many of these islands encourage the formation of letterbox companies, which are used to conceal the beneficiary owner for various purposes (hiding and laundering narcodollars or the proceeds from other illicit activities, parking funds in rapidly depreciating currencies, hiding assets in divorce proceedings etc.)

Note: Not all offshore financial centres are in a geographical respect offshore as the term would suggest, e.g. Dublin, Delaware (USA), Panama or Switzerland. An offshore financial centre (or OFC), although not precisely defined, is usually a low-tax, lightly regulated jurisdiction which specialises in providing the corporate and commercial infrastructure to facilitate the use of that jurisdiction for the formation of offshore companies and for the investment of offshore funds. ... For other uses, see Dublin (disambiguation). ...

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