what is offshore

Offshore refers to a location outside of one's national boundaries, either land- or water-based. The term is commonly used in the banking and financial sectors to describe areas where regulations are relaxed, and companies and individuals (typically those with a high net worth) may move offshore for more including tax avoidance, relaxed regulations, or asset protection. Offshore can also refer to companies with offshore oil and gas operations, or to a location on a body of water, at some distance from the shore, such as offshore fisheries