we don’t need this kind of nonsense.
As you were....
I give up.
Bye, and fuck you all...
The irony is not lost on me...
how much tax revenue is NZ losing because wealthy kiwis are stashing their wealth in offshore trusts?
They don't have to, they can just buy another house in Ponsonby or Parnell, no CGT.
Wealth is different to income.
The original question was...
Is being a tax haven worth it?
I used to think it would be a good idea until I realised I was not, akshully, in that club.
I think more people should realise that we have a Government that is looking after people we would never be allowed to become.
It’s actually puzzling that some of the usual commentators can’t get their heads around this.
Usual people may be offended by this.
Being "unusual", I am not...
I suspect that it also works exactly the same, the other way around.
I live in New Zealand and I am the beneficiary a Trust, in the Hidden Islands. The Trust, who's trustee is "Me With a Different Hat" gets payed all the money I earn from Greedy Bastard NZ ltd, the trust gets "taxed" at Hidden Islands tax rate, 0% and as such, my money I get from my Trust has had "tax" "taken" and I have a bit of paper that says so.
I pay no tax in NZ.
This relies on the point that although I am the "beneficiary" of the Trust and strictly speaking I cannot be the beneficiary and trustee under NZ law (this is a grey area in some respects) as the Trust is offshore all I need is that other "hat" to make it "Pretty Legal"
About right, except that there haven’t been francs for over 16 years.
And in Foreignland they no longer use earwax as a currency but hey….
That's where Currency Traders come into the picture and that's a whole new ball of earwax, arbitrage, you can trade that tractor part money for 90 days, if I remember correctly, before you have to pay me in Euros that were US Dollars and Yen or whatever for the last 3 months and making that nice Mr Key & co a tidy profit,if he had lost on that deal, he could insure against that.
AHHHhh, the plot sickens.
It works like this....
I live in France, I sell tractor parts made in France to "I need a tractor part, Foreignland ltd.".
I have to pay for those parts I get from "Tractor Parts, France ltd." in Francs, which shows up as a loss on my books, I get tax relief in France.
"I need a tractor part, Foreignland ltd." pays "I will look after your money for you, NZ, ltd" (an LTC) no income here, just money from overseas, so 0% tax I get "tax paid" ticket from that nice Mr Key & co, "IRD ltd"
When my money arrives in France it has already had "tax" paid.
I get to rip off France twice.
I didn’t want to just delete the comment because it was saying something, but that one small part was going to be a problem.
Oh, I get it.
Sometimes it feels like people are ignoring what I say and going "LA LA LA I CAN'T HEAR YOU !!!" or cutting out bits that may piss off, its a bit like talking past each other from ideological silo's......
But they are my comments….
It is actually more like the jungle in here than you would like to think.
Not that there is anything wrong with jungles, I wouldn't want to offend anything.