xpatadventure

Does anyone recommend a good law firm who can setup our NZ Pre Migration Trust?

Cost to setup? Cost to maintaining it?

Thanks

southerner

I can recommend a good law firm if you are coming to Dunedin, as I'm sure others can if you are going to different parts of kiwiland. But I must admit I don't really understand your question. What is a pre-migration trust?

xpatadventure

I was told to set up a trust called pre-migration trust for new migrants or NZ citizens who left the country for more than 10 years. By setting up this type of trust, we are waived on NZ taxes of foreign earned incomes for 4 years. In addition, it provides privacy and protection.

We're planning to migrate there in a year and were told that this trust has to set up before becoming a tax resident. As I know that there are many good law firms, I just want to know the cost of setting up and maintaining it.

Thanks.

thedtb

No - sorry!

But, what's an "NZ Pre-Migration Trust"?

(Sorry, your answer appeared after I'd posted my reply)

I've never heard of one. I also thought the "4 year" thing was standard anyway, subject to the nature of the foreign income.

simonsi

That seems bad/unecessary advice. The 4yr waiver is std irrespective of the trust and you certainly don't need one to become a tax resident. Such trusts are usually used to avoid a tax issue not create one. I suspect you have been advised to set one up to avoid a chunk of your income being taxable in NZ once you become a tax resident.