On 14 October, Interest reported that Transparency International had called for an end to the ability for the ultimate owners of New Zealand foreign trusts to avoid tax and financial transparency obligations in their home countries. It says that the Pandora Papers have once again shone a spotlight on New Zealand foreign trusts. The leaks show business people and politicians from Russia, Romania, China and Brazil using New Zealand foreign trusts to build and hide their wealth. Unlike other jurisdictions, its foreign trusts are taxed based on the residence of the settlor, or the ultimately owner, rather than through the residency of the trustee who is New Zealand-based.
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