One of the most common misconceptions is that New Zealand is a tax haven. However, this isn’t true. In fact, New Zealand is one of the few countries outside of the United States that is not a tax haven, and they have some of the tightest regulations on taxes. It’s all about accountability in New Zealand, and the laws state that the trustees must be accountable to record all of the pertinent details regarding these trusts. This is why they are considered leaders when it comes to laws and regulations regarding trusts.
The laws as Cone explains it enforce strict rules on ensuring that all transactions recorded are kept in the country of New Zealand, and they must all be recorded in English for transparency. Trusts that relate to business must keep strict records and note everything that takes place through the accounting system.
Geoff Cone, one of the Principals at Cone Marshall, is a well-respected international tax and trust attorney. Cone has been in the industry for nearly 20 years, and has set the standard for wealth planning as well as handling the estates and trust of high net worth individuals. The countries Cone represents most frequently are Spain, Italy, and Latin America. This is why the emphasis is on foreign trusts.
Cone and his wife have a home in Uruguay, and they enjoy the landscape as it is similar to that of New Zealand. Having a home away from home gives them a welcome respite when Cone isn’t practicing law. Cone founded this practice in the year 2000 in Auckland, and he is still located there today along with his partners.