The Prime Minister was too quick to declare his confidence in this country's treatment of foreign trusts following the "Panama papers". Among his recommendations to improve New Zealand's reputation he suggests a register of foreign trusts "searchable only by regulatory agencies". The problem remains that trusts would not be transparent to foreign tax authorities unless they know what to ask for. Mr Shewan reports that no disclosure was required of foreign trusts here until 2006 when Australia expressed concern. Previously, New Zealand residents used overseas trusts to avoid tax on income they earned offshore.

Source: New Zealand Herald June 28, 2016 17:03 UTC