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Cook Islands Finance: A Safe Haven for Wealth Protection in the South Pacific

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The Cook Islands has established itself as a leading international financial services jurisdiction, offering a unique suite of innovative products and services that cater to the needs of high-net-worth individuals (HNWIs) seeking to protect and preserve their wealth.

Robust Framework for Asset Protection

With its English common law-based trust system, the Cook Islands provides a robust framework for asset protection, ensuring that HNWIs can safeguard their assets from creditors, litigation, or legislative claims. The International Trusts Act 1984 (ITA), as amended in 1989, introduced comprehensive asset protection provisions that have been adopted by many other jurisdictions.

Asset Protection Provisions

Clear rules for when and how creditors can claim against foundations and limited liability companies
Comprehensive legislation to protect assets from creditors, litigation, or legislative claims

Compliance with International Requirements

Compliance with international requirements on money laundering and financial transparency is also a top priority in the Cook Islands. The jurisdiction has passed laws and regulations necessary to meet international standards and promote compliant financial activity and business operations while maintaining its reputation for being a progressive, stable, and safe jurisdiction.

Key Developments

FATCA and CRS incorporated into laws for automatic sharing of financial information
Enhanced AML/CFT laws and framework with the enactment of the Financial Transactions Reporting Act 2017
Joined the OECD’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS)
Passed laws to remove the Cook Islands from the OECD’s list of countries with harmful tax practices

Innovative Asset Protection Laws

The recent passing of the International Relationship Property Trusts Act (IRPTA) provides for the establishment of Cook Islands International Relationship Property Trusts (IRPT), a new tool for protecting relationship property. This development in trust law is another example of the Cook Islands being innovative and always seeking to meet the needs of today’s society.

Stability and Certainty in Uncertain Times

The global impact of COVID-19 has created uncertainty, anxiety, and a lack of trust in governments, financial institutions, and markets generally. In times such as these, HNWIs are focusing more than ever on the security of their wealth for their own peace of mind and their families’ futures. The Cook Islands international financial services industry has continued to grow during these times given the certainty, stability, and calm offered by its progressive and innovative asset protection laws together with the experience, integrity, expertise, and reliability that have been its cornerstones for over 35 years.

Cook Islands Finance: A Leading Provider

The Cook Islands Finance is a leading provider of offshore banking and finance solutions. With over 35 years of experience in the industry, they offer a wide range of services including international wealth management, financial planning, and investment advice. They are committed to providing high-quality service and expertise to their clients while maintaining a safe and secure environment for their assets.

For more information on Cook Islands Finance and their services, please visit: https://www.cookislandsfinance.com/