International-cook Islands
International-cook Islands Author: Steven Sears
The Cook Islands is a group of 15 islands located in the South Pacific between Tahiti and Samoa.? The official language is English and the official currency is the New Zealand dollar.? The legal system is based on British Common Law with some local regulations.
It has a self-government in free association with New Zealand, which is responsible for the Island?s international relations and defense.? And it is a member of the British Commonwealth.? The economy has grown considerably in the past 20 years, principally in the areas of tourism, financial services, and aquaculture.
This jurisdiction is recognized as an international financial center.? The government gives high priority to the offshore financial sector.? International companies are exempt from any form of taxation including capital gains, tax, capital issue tax, withholding tax, and stamp duties.? Furthermore, there are no exchange controls on any currency or financial restrictions on the movement of money to or from the Island.
The trust concept is regulated by the Cook Island?s legislation.? In particular, an offshore trust can be created using a resident trustee company as agent or trustee.? Furthermore, the company can be either a sole trustee or a co-trustee.? Here the company can be either a sole trustee or a co-trustee.? Here the trustee is able to appoint an asset manager who is responsible for managing the trust assets manager who is responsible for managing the trust assets commonly in a different country.? The Cook Islands offer various incentives to international investors including very competitive costs and fees-and excellent location to do business.