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For many years, tax havens have been popular among foreigners who want to stash their money in places where nobody can find it, to avoid paying taxes in their home countries. New Zealand is one of the countries that people believe to be a tax haven.
The name Geoff Cone is synonymous with tax and trusts in New Zealand. In a recent interview, Mr. Cone was quick to set the record straight. He noted that a tax haven operates without transparency, and the taxes imposed are nominal. Tax havens also enact laws to prevent the sharing of information with other countries.
New Zealand, however, operates under a system of transparency. It was one of the countries that initially implemented internationally agreed tax standards, set up by the Organization for Economic Cooperation and Development (OECD). New Zealand is on OECD’s white list, meaning it has complied with these standards.
If the trust is involved in any business, all the financial records must be made available to the authorities for perusal. Any money that the trustee receives from the trust is declared to the IRD. It is mandatory to keep all the records in New Zealand, for tax purposes.
New Zealand has entered into tax information agreements with 20 countries. These agreements help prevent nationals of either country from engaging in tax evasion. New Zealand also has 39 double tax agreements with other nations, which boost cross-border trade and prevent tax fraud.
Mr. Cone believes that New Zealand is the best country for foreigners to place their assets. He cited the strict banking laws and the efficient judicial system as a significant advantage. Most of the foreign trusts in New Zealand use local accountants and lawyers to manage the trusts. The excellent reputation of the trust managers has led to the country gaining a good reputation in international tax circles.
Geoff Cone, born in 1954, graduated from the University of Otago with LLB honors and a postgraduate diploma in tax and trust law. He has been in the tax and trust industry since 1980. Mr. Cone started his firm, Cone Marshall limited, in 1999.
Cone Marshall Limited deals primarily with international tax and trust issues. It also provides clients with trust management services.
Geoff Cone’s vast experience in the industry gives him the confidence to speak authoritatively about New Zealand and tax issues. He knows the industry like the back of his hand.
David Osio is the founder and CEO of Davos Financial Group located in Miami. Davos Financial Group (DFG) is a financial advisory group of independent companies. Under his leadership, DFG has managed to have an increase in national income levels. The company has also managed to expand into the international market and has set up offices in New York, Geneva, Lisbon and Panama City.
David Osio graduated as a lawyer in 1988 from Catholic University Andres Bello in Caracas. In 2010, he studied Management Investment Portfolios at the New York Institute of Finance. He has worked as a Director in the Legal Desk MGO IN Venezuela. He has given legal advice to multinationals such as Consolidated Bank and Ferro. He was also the vice president of Banco Latino International in Miami from 1989-1993.
David has focused most of his efforts in the establishment of a comprehensive financial service firm that offers customized services aimed at meeting and satisfying every client’s demands. Therefore, David is able to guarantee the best quality services, an investment platform for all clients and above all confidentiality. His professionalism has enabled DFG to be considered a leading financial service provider.
David’s views on the falling oil prices that threatened the payment of external debt in Venezuela proved his immense economic reasoning capacity. David said that the oil industry has caused a liquidity crisis in dollars that brought about the collapse of the country’s economy. This is because Venezuela’s political and economic systems don’t allow for flexibility and adjusting of the economy before external shocks.
David further says that this decline in the economic level brings about a negative spiral that affects domestic production. Therefore, the macroeconomic impact of the falling oil prices tends to be higher. David argued that the government measures to cut on imports and borrowing funds from China have not been enough to offset the illiquidity of dollars in Venezuela.
David Osio also commented on the dissatisfaction of the Chinese government towards Venezuela’s economic measures. David stated that Venezuela’s concentration on short and medium debts while not considering the high rates is the major problem. He concludes by saying that Venezuela is a country with too much potential that can achieve economic and political stability easily in the short term and that the huge losses in the industrial sector would require a lot of investments to recover.
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