New Zealand’s Appeal as an Offshore Financial Center Grows

Among those in search of an offshore financial center, New Zealand is growing in popularity. This country certainly does not meet the typical description of an offshore center to avoid international tax, but it poses its own benefits. Many people who choose to store funds in New Zealand banks appreciate the fact that English is the main language there, including the one used for laws, making it accessible for high-net-worth individuals. There is further confidence in the fact that New Zealand is a country with a stable legal system and is part of high-profile financial institutions, including the World Bank.

Highly Ranked for Ease of Business

In addition to high-net-worth individuals, those who want to minimize their corporate tax responsibilities increasingly turn to New Zealand thanks to the ease of doing business there. In fact, The World Bank has annual rankings for Doing Business, and New Zealand came in first place two years in a row. This indicates ease in both starting a business and conducting business. New Zealand also ranks highly in terms of adhering to its law with minimal corruption, allowing for clear-cut regulations for those who choose to use the country as an offshore financial center.

Taxes in New Zealand

Those who choose to use New Zealand as an offshore financial center will typically do so due to tax benefits. Non-residents of New Zealand only have to pay taxes on income from within New Zealand, and there are ways to get a low tax, such as double tax agreements and various concessions. Further tax advantages from New Zealand include no estate tax, no inheritance tax, no stamp duty, and no capital gains tax. Overall, many have ranked New Zealand as having a tax system that is among the most competitive within the developed world.

Other Offshore Financial Centers of Note

There are also many other excellent choices for an offshore financial center for English speakers, including Ireland and Switzerland. Although English is not the official language in Switzerland, most Swiss banks have staff fluent in the language due to their reputation for providing high-net-worth individuals with a tax haven. Switzerland is popular among individuals as well as companies, including multi-national corporations. Ireland also has a growing reputation as a haven for those in search of low tax payments. In 2015, it was actually the biggest corporate tax haven worldwide, with multi-national companies moving $106 billion of their profits there.

Sources:

https://www.lowtax.net/blogs/Why_choose_New_Zealand_as_an_offshore_financial_centre-584910.html

http://www.mediamaxnetwork.co.ke/451541/global-havens-for-corporate-tax-avoidance/

https://www.ozy.com/acumen/worlds-biggest-corporate-tax-haven-its-no-paradise-island/87954