For many reasons, the over quarter century-old foreign trust industry in New Zealand has recently come under increased attention and scrutiny from the public eye.
From time to time it’s normal for this rather mundane business field to re-enter the public eye, because everyone wants fairness and transparency in business.
Greeting this scrutiny head-on are the leaders of the New Zealand foreign trust legal tax landscape– Cone Marshall, the top in the industry for New Zealand.
Tops In International Tax Law: Cone Marshall
Having previously worked in London for 10 years in commercial litigation, Karen Marshall of Cone Marshall has a wealth of experience managing trusts, and has been a principal at Cone Marshall since 2006.
No doubt, Geoffrey Cone of Cone Marshall is a role model for lawyers in New Zealand. Mr. Cone brings over 35 years of experience practicing law, and has been working with Cone Marshall for over 16 years.
Cone Marshall is truly the leading advocate for transparency on this issue, and practices a philosophy of education and integrity with their clients.
The Gold Standard in Tax Transparency
New Zealand is a gold-standard example for tax transparency in the developed world, and no method of incorporation or storing wealth in New Zealand renders one immune from paying taxes.
Contrary to what many outlets may have implied, it’s not illegal for a New Zealander to own a foreign trust.
Learned Kiwi news outlets will be obligated to remind audiences that New Zealand was barely mentioned as a footnote in the media blow-ups in 2016 in foreign trust tax law, and this is not at all something bad; really just a side-effect of being at the heart of the global economy.
Prime Minister of New Zealand, John Key, informs us that the tax policy in New Zealand has worked well for years.
“There have been no issues because that was why we changed the way we tax a foreign trust in New Zealand. That well and truly pre-dates me, it has nothing to do with me.”
Many people out there remain skeptical of foreign trusts in New Zealand, and argue that they have no purpose outside tax tricks.
But like other corporations or ways to store wealth, there is no one-size-fits-all approach to getting a desired result. Abolishing one form of wealth storage will only make it more difficult to do business in New Zealand. It’s more important to find the real issues people are upset about with the tax code, and address those directly.
In the end, we all just want everyone to pay their fair share. Aside from that, New Zealand is still a great competitor against the likes of the UK and USA on being a place that is easy to conduct business in a transparent and ethical way.