Offshore Tax Evasion

Offshore tax evasion involves individuals or companies hiding income or assets in foreign accounts or entities to avoid paying taxes in their home country. This is often done by using complex financial structures or shell companies in jurisdictions with low or no taxes. While tax avoidance (legally minimizing taxes) is acceptable, tax evasion is illegal and can lead to severe penalties, including fines and imprisonment. Governments are increasingly cracking down on these practices through international cooperation and stricter regulations, aiming to recover lost tax revenue and promote transparency in global finance.