The most common and most likely answer to this crossword clue is the 8 letter word OFFSHORE
I've seen this crossword clue in The Daily Telegraph
O
F
F
S
H
O
R
E
Buddy explains!

The straight part
We know that "not far from the coast" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case not far from the coast = offshore.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does OFFSHORE mean?
OFFSHORE noun- An area or or portion of sea away from the shore.
- An island, outcrop, or other land away from shore.
- Something or someone in, from, or associated with another country.
- To use foreign labor to substitute for local labor.
- Moving away from the shore.
- Located in the sea away from the coast.
- Located in another country, especially one having beneficial tax laws.
- Away from the shore.
- At some distance from the shore.