Jurisdiction: New Zealand

Services provided from New Zealand: Trusts.

New Zealand has been a member of the Organisation for Economic Co-operation and Development ("OECD")since 1973 and is renowned for its fair and stable legal and political institutions. A common law jurisdiction, New Zealand has a reputable business community and an excellent communication and business infrastructure. The jurisdiction enjoys political and economic stability and is an independent British Commonwealth country. The legal system is based on English common law and its trust law is similar to that of other common law jurisdiction.

New Zealand privacy laws provide significant protection for client and trust information. The New Zealand revenue authorities are precluded from disclosing information received regarding the trust, unless a request is made by a treaty partner.

Under existing tax laws trusts and limited partnerships ("LP"s) domiciledin New Zealand can be established whereby there is zero or low tax for non-residents. The non-New Zealand sourced income of an LP and Trust is exempt from New Zealand taxation, whether that income is accumulated or is distributed to non-New Zealand resident beneficiaries.

Registration of a trust requires that only the name of the trust and trustee are registered with the New Zealand Inland Revenue Department ("IRD"). This is not on public record. There is no requirement for public financial reporting or audit of the trust.

For a New Zealand Limited Partnership the details of limited partners must be registered but are not available to be searched by the public, and are expressly stated to be confidential. The public may search the register fordetails including the name of a limited partnership, date of registration, registered office and service address as well as the names and addresses of the general partner(s).

Accounting records must be kept showing the partnership's transactions and financial position at any time. Financial statements must be prepared and signed by the general partners within 5 months of balance date. Financial records need not beaudited and are not required to be publicly filed.

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