A recent article on trusts has attracted the attention of various experts, including lawyer Geoffrey Cone. The lawyer was reacting to an article about New Zealand foreign trusts and said that it makes it sound like an airport thriller. According to him, there are analysts who do not understand the mundane nature of everything related to tax. He sought to explain that New Zealand is nothing close to a tax heaven, and he did not mince his words.
List of Tax Havens
Geoffrey pointed out that the OCDE keeps a full list of all tax havens and all the times, New Zealand has never features. In fact, he holds the belief that the nation will never feature on that list. With tax havens, only nominal taxes are imposed. In fact, there usually is no transparency, and they often limit the flow of information. On the other hand, that is far from what happens in New Zealand. The banking industry in this country is not comparable to the secretive private banking arrangements associated with tax havens.
Here, there are standards that date back to 2002 when the OECD Model Agreement was passed. Because of this, there is free exchange of international information. This information is also used to enforce as well as to administer domestic tax rules. Since New Zealand was among the premier countries on the OECD’s white list, there is no doubt that it has met all the requirements. This happened after the country satisfactorily implemented the international tax requirements.
Leadership in tax matters
In fact, Lawyer Cone argues that this country has demonstrated exemplary tax leadership. The way that foreign trusts are handled can only be applauded if one considers the practices that take place in other countries. One of the most notable facts is that all the laws available in this nation help other governments that need tax information.
The latest rules
In addition to that, the lawyer did not forget to remind the public about a new set of rules that were introduces in 2006 by Michael Cullen. Foreign trust disclosure forms required to be filled by local trusties are a clear example of transparency.
About Geoffrey Cone
Although Lawyer Cone lives in Uruguay with his wife and family, he was born in Australia. He has never broken ties with his native country despite living abroad. He has worked with many organizations especially those that handle tax and trust issues.
Since graduating from the university and embarking on an amazing career, his focus has been on wealth planning. He focuses more on Latin America, Italy, as well as Spain. During his numerous talks, he has always indicated that he loves to mentor young professionals and to help people plan and manage their wealth.