Geoffrey Cone is a well-known attorney in New Zealand, but what you may not know is how taxes on foreign trusts answers the important questions on transparency in taxes. The wealthy are those who are generally the center of the news when it comes to topics like taxes, but while it all sounds thrilling it is anything but thrilling for any family. Taxes are one of the most burdensome issues in the world today, and there is a big call for transparency for those who own small and large corporations and those who are creating jobs.
Millions believe that New Zealand is a tax haven, but in all actuality it is not. Those who do operate as tax havens are not transparent with how they operate, and they are not open about how they share responsibilities with other governments either. One of the points that Geoff Cone makes in a recent article is that New Zealand does not use a private banking system. There isn’t much secretive happening in New Zealand, and they operate from what they regard as the “gold standard” on taxes. Read more: http://www.stuff.co.nz/life-style/home-property/nz-house-garden/70660199/couple-bring-their-laidback-kiwi-style-to-uruguayan-home
This standard has an official name which is, “The 2002 OECD Model Agreement on Exchange of Information on Tax Matters. This model is simple in that it was intended to enforce domestic tax laws, and that also removes the stigma that New Zealand is a tax haven. There are rules and regulations placed on trustees and this means that other governments can be assisted easily and in order with any exchange of information. It’s a very open way of communicating, and New Zealand tops the list of models to look at as the ideal example of what to do and what not to do when it comes to helping get clarity on what is happening with taxes and who is filing on what.
Geoff Cone is a partner of Cone Marshall, a law firm that is dedicated to working through tax issues with global families and their advisers. Additionally, New Zealand’s law firms that specialize in the area of taxes are quickly becoming known as the most highly respected firms in the world. The higher standards of taxes and accountability make New Zealand a true model of tax havens and how jurisdictions are to be handled. Cone Marshall is a true advocate of transparent taxation principles and how they apply in the case of foreign trusts.
Learn more about Geoff Cone: http://www.iclg.co.uk/firms/cone-marshall/geoffrey-cone