offshore
UK: ˌɒfˈʃɔː | US: ˌɔːfˈʃɔːr
adj. situated or occurring in the sea, away from the shore
adj. (of business or finance) located or registered abroad, often for tax benefits
vt. to relocate (business operations) to a foreign country
The word "offshore" combines "off," derived from Old English of (meaning "away"), and "shore," from Old English scora (meaning "coast"). It originally described physical distance from land (e.g., "offshore winds") but expanded metaphorically in the 20th century to describe financial activities conducted abroad, reflecting globalization and tax optimization strategies.
The company built an offshore wind farm to harness renewable energy.
Many tech firms offshore their customer service operations to reduce costs.
Offshore banking is popular among investors seeking tax advantages.
The storm caused damage to offshore oil rigs.
The island is surrounded by shallow offshore waters ideal for diving.