Geoffrey Cone is an Otago University graduate; from New Zealand (LLB Honors). He also holds a post-graduate diploma in Trust Law and Tax. He commenced Law practice in 1980 in Auckland, New Zealand, and then moved to Christchurch as Partner and the Chairman of Partners. There, he specialized in tax and trust advisory, and commercial litigation work as leading counsel in the courts, including the Privy Council. Geoffrey also worked as a litigator in the British West Indies for two years.
In 1997 he returned to Auckland, where he established Cone Marshall Limited in 1999; the sole law firm in New Zealand to specialize in International Trust and Tax Planning. Cone Marshall offers trustee and trust management services through its associate companies. The office is situated at Parnell House, Auckland, New Zealand. Geoffrey and his American wife Sarah bought a 2.5ha Casa Marron property in Uruguay, five years ago, in an old fishing town in South America. His wife Sarah describes it as the perfect mix of rural and glamor due to the stunning modern houses on dirt roads, world-class restaurants fused with roadside vegetable plunks, and heavenly beaches.
Lawyer Geoffrey Cone’s feature on Foreign Trusts-New Zealand Herald Business News
The OECD Agreement on information exchange on taxation; a gold standard rate for tax transparency conforms to the international information exchange, to implement domestic tax laws. New Zealand is a significant pioneer on the OECD’s white list for implementing the international tax standard. The country has a reputation for demonstrated exceptional leadership regarding tax transparency, by handling foreign trusts to assist other governments that ask for relevant information.
Michael Cullen introduced new Zealand Tax rules in 2006. Under the NZ government, a local trustee of a foreign trust is obligated to present a foreign trust form (IR607) by the IRD and to maintain financial records for tax purposes. The required details include the recipient’s name and address, the trust agreement, settlements facts and distributions particulars of the trust’s assets/liabilities, and the trustee’s money. If the client runs a business, the trustee should maintain accounting systems, and records in English. Contrary to do so may attract heavy fines. These laws were improved by the passing of the world money laundering standard laws in 2011.
New Zealand has double tax contracts intended to cut tax impediments to cross-border trade and investments, and also to prevent fraud. Foreign trusts are mostly used for asset succession, protection, and planning. New Zealand is renowned globally as a secure, high-quality government with revered legal structures. Their respected foreign trusts professionals help to improve the country’s status in the OECD, and the world’s taxation experts. She also competes with tax transparent governments such as the U.S, Singapore, and Britain because they have parallel taxes principles concerning foreign trusts.