No Tax Haven Available In New Zealand

Attorney Geoffrey Cone has expressed deep concern about how many false claims have been made about New Zealand being a good tax haven. He has objected to foreign trusts being talked into investing in his home country. These new trusts have been featured far too much in the press and other media, according to the Cone Marshall representative. The advertisements say anyone can earn great wealth. They claim to have creative financing sources for anyone to own exotic homes in strange and fun locales. Geoff Cone says this information is not accurate.

The Karen Marshall firm has discovered the empirical reasons that New Zealand is not the tax haven it has recently been billed to be. They found that New Zealand not only does not qualify as a tax haven, according to the OECD Model Agreement on Exchange of Information on Tax Matters, which is an international agreement that outlines the required characteristics of tax havens. New Zealand cannot match all the requirements, at all! The agreement, which begins a new “White List” at the OECD, which lists all officially non-tax haven countries. New Zealand is one of the first countries on that list.

In fact, as Cone points out, New Zealand has never been listed as a tax haven on the OECD main list. Neither is there any plan in the works to ever add the country to the main list of all tax haven countries. Cone says New Zealand tax law is so very complex, it is no wonder people could be persuaded otherwise, and invest there believing it a safe place for outside investments. He talks about the 39 double tax riders New Zealand puts on foreign investment. There are also hallmarks of countries that do function as tax havens. They include these basic three:

• Limited or no taxes on investments from outside
• Completely transparent tax laws
Open exchange of tax revenue data with host countries

Cone believes that these tax agreements are hobbling the country from ever becoming a true tax haven for foreign powers. Most countries have tax reporting laws that the agreement upholds by sharing information about their citizens who are invested in New Zealand businesses.

Check out Cone’s website here:

http://www.conemarshall.com

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