New Zealand – A Tax Heaven?
A lot of rich guys love tax heaven because, they think, it is the perfect way of getting rid of the tax man. That’s the reason why they love these things. We are going to talk a little bit about NZ and the things this country has to do with foreign trust. We will also talk about Geoffrey Cone and his lovely home in Uruguay.
Not a Tax Heaven
You cannot say that New Zealand is a tax heaven. NZ does not lack transparency, their laws and procedures allow it to share information with other governments, and the country also taxes corporations. NZ is also included in the white list of countries, which means that they know what they are doing in terms of taxes. NZ also knows how to handle foreign trusts and the requirements that trustees must endure. All of the records of a trust must be kept in the country and in proper English. NZ has also a wide array of double tax agreements.
The country also has many information exchange agreements related to tax data. Foreign trusts are used for succession planning and asset protection in NZ, not for tax avoidance. The reason why NZ has so many foreign trusted is that the country has very good laws in place. The country also enjoys a good professional and legal infrastructure. The high caliber of the institutions in NZ also talks wonders about this country`s power to enforce laws. NZ has a lot of respected accountants and lawyer handles these foreign trusts. New Zealand does not compete with any tax heaven out there.
Geoffrey Cone is a home owner who loves South America. He has a rustic yet beautiful house there. Uruguay seems to be the perfect place for Geoffrey Cone as he has built a lovely home there. He says that even Brazilians are taking vacations where he has his home, as they love world-class restaurants, roadside veggies, and modernist houses. Geoffrey Cone has his adorable house in a 2.5ha property that he bought some years ago. He hired an experienced architect to build the house of his dreams, and he got it indeed. He also gave his architect free reign in every aspect of the building process.
As you can see, NZ is free from any guilt in term of tax heavens. They have qualified lawyers and accountants that have tons of respect in the international community. Geoffrey Cone also has a lovely house in Uruguay, which is his adorable crib for retirement as well.
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