Geoffrey Cone is a successful attorney from the United States. He went for his university education at the University of Otago in New Zealand where he graduated with honors. The successful lawyer has a post graduate diploma in trust law and tax too. He started practicing law more than thirty years ago in Auckland. Later on, he relocated to Christchurch and partnered with one of the leading law firms in the country, known as Chairman of Partners. In this partnership, Geoffrey Cone specialized in commercial litigation, tax advisory work, and tax activities.
In 1999, Geoffrey Cone established his own firm, popularly known as Cone Marshall Limited. The law firm has been very successful, and it specializes in international trust and tax planning. The institution offers trustee and trust management services to clients in the New Zealand through its affiliated companies.
Just recently, Geoffrey Cone wrote about foreign trust in New Zealand. According to the lawyer, foreign trusts in the country are not common. Most people believe that these are wealthy activities that involve rich people, exotic land, and very complicated financial deals. However, this is not the truth.
New Zealand is currently not a tax haven. Geoffrey states that the OECD has an exclusive list of tax havens, and he believes that New Zealand never has and is likely never going to feature on the list. According to Geoffrey, tax havens have some unique characteristics. First of all, they impose very little or no taxes, lack enough transparency, and the procedures involve always inhibit the exchange of valuable information with any other governments. He believes that his country does not qualify because it doesn’t portray any of these features. New Zealand does not have a secretive private banking sector.
The current gold standard for transparency used in New Zealand is the famous 2002 OECD Model Agreement on Exchange of Information on Tax Activities. This exclusive agreement supports the global exchange of information to enforce or administer the local tax laws. It is believed that New Zealand was one of the countries that were placed on the OECD white list. This is because it proved that it had implemented the global tax standards that have been set.
Over the years, New Zealand has worked hard and demonstrated to the world about its transparency in tax leadership. The country has a unique way of handling foreign trusts and all the requirements that are placed in the trustees. These standards help other governments whenever some relevant information is requested.
In 2006, Michael Cullen introduced new tax rules in the country after a lot of consultation. Under this regulation, Geoffrey states that a New Zealand trustee in a foreign trust must submit a special Foreign Trust Disclosure form. The trustee is also required to keep all their financial records and any other important record that are needed in the country for tax purposes.
Some of the essential requirements include distributions, the trust deed, and details of settlements. The recipient’s address and the name must be included too.