Lawyer Geoffrey Cone has proven all too well that he is definitely an expert on the subject of foreign trusts with his commentary on the tax issues of New Zealand. He first graduated from the University of Otago with honors in both tax and trust law. After graduation in 1980, he immediately began practicing in Auckland, New Zealand and then as a partner at a major law firm in Christchurch. It was during these years that he became a leading expert in commercial litigation, and tax and trust. In 1997, he returned to practice law in Auckland where he founded Cone Marshall Limited in 1999.
CML specialized in what Cone had spent years mastering: Tax and trust law. It provided and established New Zealand trusts, partnerships, companies, and global wealth planning for clients all over the world. It is a firm very capable of both giving advice and administration services concerning taxes and trusts. Its considerable services are open to attorneys, family advisors, private banks, trustees, and various private institutions. In 2005, Karen Marshall would join his team and become a key member of it. Like Cone, Marshall attended and graduated from the University of Otago.
Over the next ten years she practiced Commercial Litigation law in London. As mentioned, in 2005 she joined the staff of Cone Marshall and became principal in 2006. In this role she has often acted as the primary advisor of statutory trustee companies and provided security for third parties. She has also represented and advised Trustees of Charitable Trusts concerning legal issues. She has often managed trusts. Her biggest role at CML, however, may be serving as director of a Trust Company.
It has been falsely rumored that New Zealand is a tax haven. The fact that CML is one of the busiest legal companies in the world is testament to this. In fact, New Zealand as a whole has been greatly lauded for its exemplary implementation of internationally agreed upon tax standards. And it is for this reason that CML is so trusted by its international clients. As a trustee of foreign trust, CML is required by the government to submit a Foreign Trust Disclosure form for tax purposes. This form is required to include the trust deed, details of settlements and distributions, details of assets and liabilities, and a recording of money received and spent.