Geoff Cone Gives New Zealand Advice

New Zealand has recently seen a huge increase of people who are moving there from different countries. This is something that is a change from what life used to be like in New Zealand and has the government worried that things will be different for the country because of so many people moving there.

Some people decide to make the move to New Zealand because they want to be able to benefit from what they think are tax breaks in the country. This is because they have heard that New Zealand does not have taxes or that the taxes in the country are very low compared to what is available in other countries. This is not the case. New Zealand does have taxes and the taxes are perfectly comparable to other countries. There is nothing special about the tax rate that people pay in New Zealand.

What is special is the transparency that the country has. People are able to learn what they will be paying in taxes long before they move there thanks to tax transparency publications that New Zealand puts out. This is something that is different from other countries because no other country is as comprehensive as New Zealand with the information that they include on their tax reports. New Zealand is always sure to put more information out than other countries and this allows them to show expat hopefuls exactly what they are talking about when it comes to the different things that they have in New Zealand.

New Zealand may not be tax-free, but Geoffrey Cone knows of plenty of other countries that are. These are known as tax havens and they provide people with the opportunity to make sure that they are doing things right and that they do not have to pay a lot in taxes. It is something that is a blessing to people who have gotten a reduced income as a result of high taxes. It is also great for people who want to make sure that they can still make as much as they want while they are working toward their future. Learn more:

As a global attorney, Geoff Cone knew that it would be smart for himself to move to a tax-free country. This meant that the had to find a country that would work for him and it was something that he felt would be beneficial to the amount of money that he made. He chose a tax-free country and moved from New Zealand to there. He wanted to do this so that he could make more money and so that he would be able to reach more people who needed the tax and global consulting services that he offered.

New Zealand is a Tax Transparency Model

In the recent past there has been a number of media coverage on the foreign trusts of New Zealand that portrayed the country like a sexy thriller of wealthy people, exotic lands and intricate financial deals. However, the truth in as much as tax is concerned is a bit mundane. Geoffrey Cone, a lawyer, responded to the foreign trusts feature carried on the previous week. Geoff stated that it is important to first of all confront the huge elephant in the room: whether New Zealand is a tax haven. The simple answer is that it is not. There is a list of the various tax havens in the world maintained by the OECD and New Zealand has never featured on it and has slim chances of ever featuring in it.
Tax heavens have distinct characteristics whereby they only impose zero or only the nominal taxes. They also lack transparency and their procedures or laws inhibit exchanging of information with the other governments. New Zealand does not qualify for all the above grounds and it does not have a high secretive private banking industry. There is a gold standard of transparency referred to as the 2002 OECD Model Agreement on the Exchange of Information to do with tax matters. It supports the exchange of information internationally to enforce or administer domestic tax laws. New Zealand appears on the white list of OECD for been among the first countries to implement the international tax standard.
The way New Zealand handles the foreign trusts and all the requirements meted on the trustees is a demonstration of its leadership. They all go towards helping other governments get the relevant information they request for. There were some new rules introduced to govern this area by Michael Cullen back in 2006 after broad consultations. Under the rules, a resident of New Zealand foreign trust trustee ought to submit to the IRD a Foreign Trust Disclosure form (IR607).
About Geoffrey Cone
Geoffrey Cone is a graduate of the University of Otago in New Zealand. He graduated with an LLB (honors) and a post graduate diploma (tax and trust Law). He started practicing in the year 1980 in Auckland, NZ before moving to Christchurch. It was here that he became a partner and Chairman of Partners in a top law firm. Cone was involved in commercial litigation and tax and trust advisory. He attended courts in all levels that included the Privy Council as the lead counsel. Having worked as a litigator for about two years in the British West Indies, he returned to Auckland in 1997 to practice there and opened his own law firm in 1999. Geoffrey Cone’s firm, Cone Marshall Limited, is the only law firm in New Zealand that specializes utterly in International trust and tax planning. It offers trust and trustee management services through several affiliated companies.

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