There really is no ideal model for taxes these days, except of course if you’re talking about New Zealand. Generally talk about New Zealand relates to the eco-friendly environment, but now it’s discussed on a global scale regarding taxes and the right way to handle them. This is where international tax attorney Geoff Cone weighs in to share with the world his views.
Cone’s feature on foreign trusts sheds light on how New Zealand handles taxes as well as how they should be handled. There isn’t anything exciting about taxes, regardless of how well a TV show or movie dress up the finances of the wealthy. In fact, anything to do with taxes is really quite boring.
Once place you can look if you’re doubtful is the OECD. This list was put together in 2002, and it’s a model agreement on the information of exchange of tax matters. Enforcing tax matters is what most folks care about, not whether or not so and so paid them. The laws if enforced will tell you that this means people are paying their taxes and any penalties associated with them.
The international exchange of information most likely relates to international tax matters. This is referring to taxes on foreign trusts. These trusts are somewhat a problem in that these trusts are owned by families that don’t live in the country in which the trust is placed. This is most common with estate taxes, and properties that were purchased outside of the country in which they live.
The good news is that New Zealand takes great care in making sure that all of the matters of each transaction are recorded in the English language, where they can be carefully reviewed at any time by an attorney in New Zealand. All matters relating to any transaction should be held to a strict accounting system and should be recorded, coded, and in the appropriate ledger.
Geoff Cone believes that New Zealand holds the gold standard in which all of these things are done, and he is one of the only international estate tax and foreign trust attorneys in New Zealand. His practice, Cone Marshall, is the only practice in the country that handles these matters. Cone is meticulous in handling all details regarding trust deeds, settlement details, and distributions that are being made with each transaction that comes through his office.
Cone has been practicing for more than 20 years, and currently has a part-time home in Uruguay with his wife Sarah.