The recent media coverage over the New Zealand foreign trusts makes the news sound more like it’s about wealthy people and exotic lands. However, anything to do with taxes is much more mundane and New Zealand is not known for being a tax haven. Places that maintain tax havens only impose little or no taxes and have a level of tax transparency. New Zealand does not follow those procedures. However, they also do not have some big and secretive private bank industry.
One of the ways in which New Zealand has demonstrated being a leader in tax transparency is in the way it handles its foreign trusts and the way in which they hold to the requirements placed on the trustees. All of this goes towards the assistance of other governments which may request relevant information. According to new rules on this, any New Zealand trustee of a foreign trust will be required to submit a disclosure form as required by the IRD. They will also have to keep detailed financial records for tax purposes as well. These may include details of distributions and settlements, the trust deed, details of the trust’s liabilities and assets and any money which the trustee receives or spends. Failure to keep these records can come with heavy penalties and fines.
In many countries, a person who settles a trust has to report the settlement of the funds to their own respective revenue authorities. New Zealand has 39 different double tax agreements. These are in place to help reduce tax impediments for cross-border investment and trade. It is also used to help prevent tax evasion and tax avoidance. In addition to the double tax agreements, New Zealand also has over 20 other exchange agreements for tax information with other countries. These help with the assistance in preventing the tax evasion and avoidance. All of these actions are not typical of a tax haven.
We do not compete with tax havens. Instead, we interact with jurisdictions such as the US, Britain and Singapore whose governments have a transparent form of tax system and similarly apply taxation principles regarding their foreign trusts as well. Any concern regarding using foreign trusts may be better directed towards the regulation of our trust companies to make sure they meet all of the same high standards.
Geoffrey Cone is a partner at the Cone Marshall law firm which works directly with global families and advisers. He has practiced in commercial litigation law as well as trust and tax advisory work. He has appeared in all levels of court as a leading counsel. His firm is the only one in New Zealand to exclusively specialize in the field of international trust and tax planning. The firm also provides their clients with trust management and trustee services through its other affiliated companies.
Learn more about Geoffrey Cone: http://www.businesslist.nz/company/143875/geoffrey-cone
Investment banking is a discipline of banking that focuses on capital creation on behalf of corporations, high net worth individuals, and other established agencies. Functions carried out by investment banks range from underwriting of securities and debts, supervising mergers, acquisitions, as well as company reorganizations. Mostly, investment banks specialize in handling complex financial transactions. Investment banking encompasses two major lines of business such as “sell side” and “buy side”. The sell side involves selling securities via market making while the buy side entails advising customers on purchasing investment services like life insurance and mutual funds.
How investment banks are different from regular bank
Unlike regular banks, Investment banks do not take deposits. Nevertheless, most investment banks collaborate with large financial institutions and banks. They conduct a thorough research, identify risks, and returns of the project prior to advising a customer to commit.
Roles of investment bankers
Investment bankers offer insights and intelligence on mergers, acquisitions, reorganizations, and other related issues. They study the market to assist the management team in determining the perfect period to make public offerings. These experts also offer financial services and advice that help the client in managing their assets. The bankers can come up with strategies and implement transactions on customers’ behalf. They assist their clients in finding and venturing into strategic alternatives with the goal of wealth maximization.
Martin Lustgarten is the owner and founder of Lustgarten, Martin, the Florida-based investment banking. He is perhaps one of the most talented and accomplished investment bankers in the world. His firm focuses on helping individuals, corporations, as well as other entities to raise enough capital. The company concentrates on the sell side part of the business. The success of the company reflects Martin’s personal discipline, determination, and unparalleled experience.
His exceptional communication skills have enabled Martin to interact with clients in a professional manner. The productivity of his company has been on an upward trend due to his tendency of mixing freely with employees and fostering a culture of collective handling of tasks. He helps his clients to invest in productive areas by offering them exceptional advice. He is active on social media accounts such as Facebook and Twitter.
It is important to realize that moving is a very stressful event in a person’s life. Certainly, moving to a place like New York is very stressful. The individual is in completely new territory. They are very unfamiliar with the landscape and people. They might not have developed any friendships. Many are in the process of looking for a new job and a new apartment. Certainly, New York is a place that welcomes people. It is invigorating and very inviting. The place is filled with excitement and great places to live within the city. Town Residential is one high profile real estate company that heartily welcomes new residents to their city.
Town Residential Advice
Often, the new residents are staying with family or in a temporary place. The Town Residential staff advise people to get familiar with the city. Relocating to a big city takes major adjustments. Learning about the city up close is a way to find your special place and become a part of the city. They advise new residents to simply take a walk around the city. Take the subway or the bus. The majority of people take public transportation. Therefore, it is a good idea to get familiar with the system. The idea of exploring the city seems daunting, but it is the best way to find the perfect location to live.
Town Residential Real Estate
Those moving to the city are probably in the market for a real estate firm that employs real estate professionals that are in the position to provide luxury apartments to their clients. Well, Town Residential is a highly respected real estate firm that provides the ultimate in luxury living to their long list of clients. In fact, they are one of the most well respected real estate firms in New York. In addition, the firm has established a very high standard that is unmatched by other local real estate firms.
Town Residential specializes in residential properties, commercial properties, and leasing to retailers. Their firm hires only the most talented real estate professionals in the industry today. This has led to several acknowledgement of their outstanding leadership in the real estate industry. In fact, the firm was voted by those in the industry as one of the Best Firms to work for. Their staff is very familiar with the city and easily match the client with the type of luxury living that they prefer. Whether the client would like to live in Union Square, East Village, Battery Park, Midtown East, Murray Hill, Upper East Side, Lower East Side, SoHo, Chelsea, Greenwich Village, they’ve got the client covered.
Sanjay Shah founded Autism Rocks back in 2014 to raise money for Autism through concerts. Shah has always been an avid music lover and when his son Nikhill was diagnosed with the condition in 2011 he decided to bring his two passions together. Sanjay Shah Denmark first event took place in London and the performer was no other than the late Prince. Since then the organization has raised over €600,000 for Autism. This year’s concert took place in Dubai and featured Flo Rida and Tyga. Shah chose these artists this year because he wanted to attract a younger crowd. Shah feels s that bringing Autism awareness to the younger generation is incredibly important for the cause.
All funds raised by Autism Rocks go to the Autism Research Centre which is a center that is studying the causes of Autism. The Center currently has 15 ongoing projects on learning how to identify early the children who are likely to develop Autism. Recently the center made the finding that the autism spectrum effects girls differently than boys. This finding will have a huge impact on how the treatments are approached in the future. In addition to being a philanthropist leading a huge push for advances in Autism research, Shah is also a successful business man. Shah founded Solo Capital Partners in 2011, it is a boutique financial firm that in 2015 had about 68 billion in assets. Shah originally started out working for other companies in the financial sector and realized he could make more income by working for himself so he launched Solo Capital. Solo Capital has offices in both London and Dubai and while he is still active in the business he is less involved with the day to day operations. He considered himself semi-retired. However, he spends much of his time raising money for Autism as well as working with his son on treatment. One of the reasons Shah is so passionate about the cause his due to his own experience when his son was originally diagnosed. When Shah and his wife took their son to seek treatment after his diagnosis they were told he would be put on a five year waiting list. Since Shah was successful financially his family was lucky enough to be able to afford to pay for his son’s therapy. Shah knows that many families are not a fortunate, so Shah hopes that through his work with Autism rocks he will be able to help many families.