TRANSPARENCY INTERNATIONAL: END THE ABILITY FOR THE ULTIMATE OWNERS OF NEW ZEALAND FOREIGN TRUSTS TO AVOID TAX AND FINANCIAL TRANSPARENCY OBLIGATIONS

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.

https://www.interest.co.nz/business/112699/transparency-international-calls-end-ability-ultimate-owners-nz-foreign-trusts

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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