What are tax havens and is New Zealand (NZ) one of them? Tax havens have laws and procedures that hinder the exchange of information with other governments, it lacks transparency and imposes nominal only or no taxes. The characteristics thus disqualify New Zealand as a tax haven. The country has never been featured on the OECD list of tax havens. It has implemented the OECD Model Agreement of 2002 that supports the exchange of information for administering or enforcing domestic tax laws internationally.
NZ has tax transparency in regards to foreign trusts and trustees’ requirements. Micheal Cullen oversaw new rules during his regime that has enabled the country to assist other governments that require information. The rules need a NZ resident trustee of a foreign trust to submit a Foreign Trust Disclosure form and to keep records such as financial records. The records must be in English language and must be kept in NZ. The country has double tax agreements that assist in the prevention of tax avoidance or evasion. It also has several tax information agreements with other nations. NZ has also signed a Convention on Mutual Administrative Assistance in Tax Matters. The above guidelines are what make the country a safe and stable place in matters of foreign trusts administration. The foreign trustees who in most cases are accountants, lawyers and members of STEP, have also given the country a good reputation.
Cone Marshall is an international tax and trust firm that is located in Auckland New Zealand. The company has handled many estates and tax cases since its establishment in 1999. The firm is among the best firms in tax and estate litigation, and it is well known for advocating for transparency in tax and estate laws . The leadership of Cone Marshal has enabled it to have a good reputation, as Karen Marshall and Geoff Cone have vast experience in the industry. Karen joined the firm in 2005 and became the principal in 2006. She manages different aspects of law having practiced commercial litigation for ten years.
Cone Marshall works with international families and their advisors in providing trust succession, full local trust and structuring advice . It offers global wealth and tax planning and has helped in New Zealand trusts, partnerships and companies. The firm has embraced technology making their services fast as customers’ requests are processed within hours. It has a highly experienced and skilled team who regularly undergoes training so that they may be updated in the specific topics each handle.
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