Some people looking to conceal their assets, seek countries that are known to be safe as tax havens. As a business owner and lead principal of Cone Marshall Law Firm in New Zealand; Geoffrey Cone is use to fielding inquiries about the country’s tax haven status. According to Cone, New Zealand isn’t a tax haven country, but it has the “perceived” image of being just that. He took the time to explain this image and the realities associated with being viewed as a safe place to stash or hide assets.
In the article, written for the New Zealand Herald, entitled, ‘NZ A Model of Tax Transparency;’ Geoffrey Cone helps to broaden the knowledge base for anyone who thinks of New Zealand as a foreign trust tax haven. He begins by explaining mostly it’s the media coverage that makes people interested in hiding assets. Cone says that foreign trusts just aren’t as adventurous or exciting as news outlets portrays them.
Geoffrey Cone goes on to talk about the methodology of International tax laws and the governing body that oversees the policies. The governing authority responsible for enforcement of foreign trust taxation is the, Organization for Economic Co-Operation and Development (COED).
Under its realm of official International duties, the OECD maintains an active lists of known tax havens and New Zealand isn’t on it. Because “transparency” is the missing factor, which allows individual with less than honorable intentions, such as those wishing to get away with illegally hiding their assets to avoid taxation.
Cone points out that what allows said individuals to get away with tax haven foreign trust investing is a lack of transparency. He makes a strong defense of New Zealand, as a country that’s less desirable to those seeking tax havens, for the reason, everything is done out in the open with complete transparency.
As lead principal of a successful law firm, Geoffrey Cone has a wealth of experience, which has helped to establish, Cone Marshall, as a global authority in financial matters related to tax trusts. Geoffrey Cone has built a solid foundation for advising and managing foreign and domestic assets.
Beginning with his education at the University of Otago in New Zealand, Cone immediately gravitated towards International investing. After graduating in 1980, he started his career as a partner with a successful law firm. In the much coveted position as lead council, he commanded respect for his legal skills and expert knowledge in the areas of commercial litigation and advisory tax trusts. Then in 1999, after nearly two decades as a partner, Geoffrey Cone opened his own practice, which specializes in trustee management, foreign trusts and international tax and estate planning.