The Many Reasons New Zealand Is Not A Tax Haven

Many people have heard of tax haven but not many people are aware of what qualifies as a tax haven. That’s because most people do not have the wealth to be concerned with tax haven countries. Tax haven countries are places where wealthy people hide their money in order to avoid the taxes of their home country.

Many countries, like New Zealand, has estate taxes. Again, most people will not have to deal with estate taxes because they do not have enough wealth. But estate taxes are levied on inheritance left behind by someone with tremendous wealth. The government takes a cut before the assets are passed on tot he beneficiaries.

To mitigate taxes even further, some wealthy people setup trusts. Trusts avoid some of these taxes because the wealth is transferred to a third party known as a trustee. It is a financial arrangement that can benefit some people leaving behind their fortune.

So, to really avoid taxes, some choose to set up trusts in foreign countries that provide tax haven. This can allow a family to dodge a lot of taxes as wealth is transferred, especially if it is hidden from the person’s home country.

Some are starting to fear that New Zealand is becoming a tax haven for foreigners, especially when it involves trusts. This isn’t so, according to New Zealand tax expert Geoff Cone. New Zealand has never made the list of tax havens and the lifelong tax lawyer doesn’t believe that the country will ever be included on the list.

This is because of the countries banking regulations. There is clear oversight in New Zealand and this can scare off foreigners looking to hide money. It leaves an easily traceable paper trail for any foreign governments that come looking for their money.

New Zealand also charges a high tax rate. Tax haven countries do not charge prohibitive taxes because the wealthy are looking to keep the largest share of their wealth as possible. Bringing a large chunk of money to New Zealand is folly for foreigners looking to hide money because they’ll lose a good share by doing so.

But most importantly, all records in New Zealand are kept in English and the Kiwi government has agreements to share these records with dozens of foreign countries. This makes hiding money nearly impossible.

Geoff Cone is an expert in New Zealand trusts. He currently runs his own law firm in Auckland and sets trusts up for wealthy investors. He says they are flocking to New Zealand because of the transparency and reliability.

He’s been doing it his whole life. He graduated from the University of Otago and has worked in tax law firms in Auckland, the British West Indies and Christchurch.

Two Factors Driving Gold Market According to US Money Reserve

It comes as no surprise to any investor right now that the world situation contains a lot of uncertainty. This feeling is driving the price of gold higher almost every day as investors react to market news. When the veil is lifted from all the daily news snippets, however, two factors are really driving the price of gold.

The first factor is the weaker U.S. dollar. There is a direct correlation between the dollar and the price of gold. As the dollar gets weaker, gold becomes a stronger commodity. No one is certain when the Fed will decide to raise interest rates, although it may be very soon. The hard fought United States election cycle is leaving investors feeling particularly unsettled. Therefore, gold prices may very well continue to rise through at least November with many experts suggesting that the price of gold will top at over $1,400 per ounce before the end of the year.

The second factor that is driving gold prices higher on an almost daily basis is interest rates. While rates are extremely low in the United States, they are even lower in other parts of the world where people are having to pay money just to keep cash in the bank. While this was unthinkable before 2008, about 500 million people living in 25 percent of the world’s economies are currently living with interest rates in the red. This includes people living in Europe, Japan, Sweden, Switzerland and Denmark. As people are not rewarded for keeping cash on hand, they are looking for another investment that does not carry very much risk.

Central banks and governments are buying more gold than ever before. So far during 2016, they have purchased more than 350 tons of gold. The largest purchaser of gold is the United Stats government that already has over 8,134 tons of gold in storage.

If you are looking to make a gold purchase, then look no further than U.S. Money Reserves where they know how to treat customers right. They are very proud of maintaining their AAA rating from the Business Consumer Alliance. They have helped over 300,000 customers make gold purchases that improved their individual circumstances. This is the only investment company that is headed by a former director of the United States Mint.

Learn more:

https://www.usmoneyreserve.com/blog/u-s-money-reserve-honored-excellence-media-industry/

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