When you go to Auckland, one name that stands out in the commercial litigation corridors is that of Geoff Cone. Recently, Cone through a publication in the media outlets gave a candid response about the country’s foreign trusts. Cone acknowledges that New Zealand does not possess the fundamental traits of a tax sanctuary as such applies to ostensible taxes. Nominal taxes are not transparent, and the laws surrounding them impede the free flow of information with partner countries. In this case, his country, New Zealand doesn’t qualify or have a secretive banking industry.
In his view, Cone states that the country has made tremendous efforts in the implementation of tax standards that are acceptable internationally. Due to this, New Zealand has featured on the OECD’s white list. The country continues to lead by example by showing accountable and transparent management through the manner in which it manages foreign trusts alongside the pre-existing trustee requirements and laws.
New Zealand is always ready to provide all the information other states request. Michael Cullen introduces new legislation in 2006 where the country must provide Foreign Trust Disclosure Form from IRD. Likewise, it must maintain all financial and tax records for future reference. Among the critical data to provide include trustee income and expenditure, contact details, distributions, settlement information, and trust deed among others.
Geoff Cone Profile
Geoffrey Cone is one of the two principles at the Marshall Cone law company and a foreign tax professional in New Zealand. Cone graduated from the University of Otago in New Zealand. He is a postgraduate diploma holder in tax laws and LLB honors. His long-standing career began in Auckland, New Zealand back in 1980 and later relocated to Christ Church. While at Christ Church, Geoff Cone served as the Chairman and partner in a legal company where he handled tax and trust advisory work as well as commercial law.
Geoff’s Role at The Cone Marshall Company
After a successful career in the British West Indies, Cone came back to New Zealand in 1997 and in 1919; he founded the Cone Marshall Limited. His company is the only one of its kind in New Zealand whose focus is in tax planning and foreign trusts. The firm offers trust services and trustee management through its associate companies.
- Cone is a co-principle at Cone Marshall Limited. He is an expert in tax litigation and represented and served many tax businesses in and outside New Zealand. Cone is a fierce defender of New Zealand’s image with international trusts. In 2012, Geoff published an article in the Herald about his country’s stand on foreign trusts. In the publication, Cone defended New Zealand as a model and transparent state where other nations depend on for succession planning and asset protection.