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cook islands ora trust

The Cook Islands – Meeting International Regulatory Standards

2016 November: The Cook Islands is complying with its international obligations in relation to anti money laundering and the countering of terrorist financing and transparency and the exchange of financial information to combat tax evasion. It continues to work with international organisations such as the FATF and the OECD as it is committed to providing financial services in accordance with international standards and best practice.

The following summarises the Cook Islands achievements to date in meeting international regulatory standards.

family wealth trust

Family Wealth Transfer

According to the recently published Wealth X 2016 report on Family Wealth Transfer (the “Report”), the world’s “ultra wealthy population” (“UHNWIs”), being those individuals with a net worth of at least USD30m, has grown to 212,615 with a combined wealth of USD30 trillion. Despite continued global economic uncertainties and geopolitical events, these numbers continue to grow year on year. However what is more astounding than the levels of wealth being generated are the amounts that will be transferred to the next generations over the coming decades.

pacific trusts

The Pacific Catastrophe Risk Insurance Facility

In June of this year the Cook Islands passed the Pacific Catastrophe Risk Insurance Facility Act 2016 (the “Act”). The Act sees the formalising of many years of effort by several organisations, including the World Bank, Asian Development Bank and Pacific Islands Forum Secretariat, as well as certain Pacific Island states, to provide Pacific Island states with direct support to finance immediate disaster relief and advisory services on the financial management of natural disasters.

Tamatoa Jonassen, CEO of the Cook Islands Financial Services Development Authority,

gold trust company

Buy Gold Through a Cook Islands Asset Protection Trust

If you are looking for an asset with low volatility, security against inflation, and can hold its value during unforeseen catastrophic economic events, then you will be interested in Gold and other precious metals. While there is nothing new in buying  Gold, what we offer through a Cook Islands Asset Protection Trust is an insurance policy that you keep your Gold!
In order to provide a bespoke solution to our clients, we have partnered with a reputable gold storage firm out of New Zealand.
investment solutions cook islands

New At Ora: Investment Management Services

We are entering a new phase in our corporate life. After much planning and development, we are pleased to announce an exciting new service, where we can now offer to our client’s true investment management solutions. To deliver this unique service, we are very excited to partner with Swiss Infinity Global Investments GmbH.

Based in Zurich, Switzerland, Swiss Infinity brings many years of experience in all facets of banking and investments. This new partnership is aimed at offering a turnkey solution to our clients,

step confrence nz 2016

New Zealand Update – The Clayton Case

Ora was fully represented at a STEP conference held in Auckland, New Zealand earlier this year. Of most interest were discussions around the Clayton case, a matrimonial relationship property, which from observations has turned the spotlight on where New Zealand Trust law stands on some fundamental issues, more particularly whether creditors now have wider access to reach into trust assets as result of this case.

The Vaughan Road Property Trust (“the Trust”) was settled by Mr. Clayton in 1999 when he was still married to Mrs.

Panama-papers-shutterstock_401464987

World Update – Panama Papers

When millions of documents were leaked from an offshore Panama firm in “The Panama Papers”, asset protection came under scrutiny by readers and officials worldwide. While there are some offshore firms that do not have adequate policies and procedures in place to ensure compliance with regulatory requirements – such as allowing precarious clients to set up asset protection vehicles or not requesting sufficient “Know-Your-Customer” documents – asset protection in and of itself is not illegal, nor is it intended to hide,

Investment In the Cook Islands

Kia Orana from the Cook Islands,

New Safety Video

It’s not often that the Cook Islands play host to supermodels of the Sports Illustrated genre, but that’s what happened recently on the beautiful Island of Aitutaki in the Cook Islands. While it raised a storm of controversy as to the use of bikini clad women to promote air travel safety, it does generate welcomed publicity for our tourism industry. If you haven’t yet seen it, follow the link:

 

Captive Insurance in the Cook Islands

As part of its long term strategy to grow the international financial services industry through new services and new client markets, the Parliament of the Cook Islands recently passed the Captive Insurance Act 2013. This Act follows the introduction of Foundations legislation in June 2012.

The Minister responsible when introducing the legislation stated that “The Government has made a commitment to diversifying our economy by encouraging, strengthening and promoting our financial services sector. The passing of the Captive Insurance Act will increase business opportunities and is an important step in the growth of this key
industry to our economy.”