offshores
/ˌɔfˈʃɔrz/
verb
- To move a company's operations or jobs to a foreign country, usually to reduce costs.
- They decided to offshore the manufacturing process to increase profits.
- The factory was offshored to Vietnam to save on labor costs.
- Many tech companies offshore their customer service to countries with lower wages.
- To invest or hold money in a foreign country, often to take advantage of lower taxes or less strict regulations.
- He offshored a portion of his retirement fund to a bank in Switzerland.
- Some wealthy individuals offshore their savings to avoid high taxes at home.
- The corporation offshores its profits through a network of international accounts.
Antonyms
noun
- Plural of offshore; financial accounts, companies, or investments located in a foreign country, especially one with favorable tax laws.
- The leaked documents listed thousands of secret offshores.
- Many multinationals use offshores to reduce their tax burden.
- The investigation revealed millions of dollars hidden in offshores.