Key’s deposit with company specialising in foreign trusts

Written By: - Date published: 4:40 pm, April 12th, 2016 - 66 comments
Categories: accountability, john key, tax - Tags: , , ,

As per Stuff and The Herald (nice work Claire Trevett):

Prime Minister John Key declares deposit in company specialising in foreign trusts

Prime Minister John Key has declared a short-term deposit in a trustee company which specialises in foreign trusts and provides legal services for Mr Key.

The short term deposit in the Antipodes Trust Group was included in his entry for debtors in the Register of Pecuniary Interests which has just been released. There are no overseas trusts listed in his entry.

On its website home page, Antipodes Trust Group says New Zealand offers a “tax neutral environment for New Zealand based foreign trusts which are a well-established vehicle for carefully managing the inter-generational transfer of wealth”.

It points to the tax-free benefits, as well as the lack of inheritance taxes and laws that protect client confidentiality and “limited” reporting requirements which mean the identities of settler and beneficiaries do not need to be disclosed.

66 comments on “Key’s deposit with company specialising in foreign trusts”

  1. NZJester 1

    So money goes in untaxed and comes out untaxed?
    Tax avoidance by investing in a shell company that does nothing and makes nothing?

    • Gabby 1.1

      So why bother?

      • adam 1.1.1

        Gabby

        Because you should be morally upright, and good to each other. And a basic recognition, that living in a society brings not only privilege, but responsibility.

        Avoiding responsibility is what we have come to expect from the amoral, are you one of them?

        • Smilin 1.1.1.1

          How old or naive are you aaaadam?

          • adam 1.1.1.1.1

            Older than you obviously, and one who takes morality seriously.

            You seem to be another of the merchants of hate, having reading your other comments for context.

            Would you like the location of a local book store so you can buy a bible and understand what morality looks like. Or you could go on-line, Or if you are a atheist, I always thought Bertrand Russell did well talking about morality as well.

            Moral bankrupt comments and cheap put downs are fine on youTube.

            Here you just another one of the drawl little unscrupulous, venal, gutter snakes who are just to common for words.

            When you get civility, lets chat, till then, lets not.

            • Nessalt 1.1.1.1.1.1

              So your a christian who thinks you’re a better person because you are a christian? the worst kind of christian IMO, generally hiding some horrible secret. would name a few examples including a kiwi politician, but i think you get it

              • adam

                It’s true Nessalt, I have horrible secrets.

                I called Pope Benedict XVI a Nazi. And I was unaware, his cousin has been a victim of the T4 programme.

                I disagree with the Pope on Homosexuality, and the role of women in the Church.

                I believe that morality should play a role in politics, and that the separation of the church and state has been very good for humankind.

                Were I draw the line with you Nessalt. Is your smug self indulgence. As a servant of the father of lies, do you hate the poor, or are you just in love with greed?

                Innuendo is the stuff of a five year old behind the bike shed, if you have something to say, please do. I’d like to here the revelations, or are you just another unscrupulous cur?

  2. Neil 2

    Nothing will come of this 50% of NZ will continue to bury their heads in the sand & MSM will bury the story quick smart. There will be no tough questions asked of Key.

    • Gangnam Style 2.1

      Possibly not, regarding tough questions, but perceptions (like BM & PR like to go on about) could be different, the fact the MSM are headlining with ‘Key/firm specialising in foreign trusts’ is bloody marvelous!

    • Sabine 2.2

      50% of a sample of 1000 people is not 50% of the country.

      surely there is another river you could cry us?

  3. s y d 3

    Interesting that this little snippet ….”The entry in the MPs’ register also shows Mr Key has disposed of an apartment in London which he has owned since entering Parliament.” is in the article, and JK is making a “short term deposit”….probably just transferring cash into the BVI or similar, all pretty legal, 100% confident.

    • Gristle 3.1

      PM’s Bubble
      John Key predicts London housing bubble will soon collapse and sells all his property interests there. “I’ve been to Davos. I know which way the big boys are sending their money.”

      Rumours of being Princess Di love interest still not denied.

      (Do you think that was a bit too sensationalist. I’m trying for a job at TV3.)

    • Henry Filth 4.1

      Thanks Weka. What a useful little thing to have at ones beck and call.

      Wealth and assets are so much more revealing than tax records.

      Although the number of entries which end up in trusts is a little frustrating on the surface

    • Muttonbird 5.1

      Indeed. Public perception is 9/10ths of the law, or something like that.

      Still, most of the voting public in New Zealand are into dodgy trusts and property speculation themselves. They see Key as a hero for his Merryl Lynch money trader background and this news will not prick their shabby conscience one bit.

  4. How did Key know about this transaction if all his assets are in a blind trust?

    • ranfurz 6.1

      Have you read previous iterations of the Pecuniary Register? His London apartment wasn’t in the trust. You’re on fire mate.

      • How do you know it was the London apartment? The register doesn’t specify and Key reckons it was to do with his family trust, which may or may not be housing related.

      • mickysavage 6.1.2

        His house was listed as well and he acknowledges that it is owned by his family trust.

        • AmaKiwi 6.1.2.1

          Does that mean this money can be used to maintain and improve his house, because the family home is part of the trust?

  5. Nice to see Farrar shitting himself over at Kiwiblog. It’s all Labour’s fault, apparently.

  6. Barfly 8

    The same way he knows the name of the winery his ” blind trust owns”

  7. TepidSupport 9

    Seriously guys. It looks like a NZ based transaction with his lawyer who works for the firm…
    If the funds were invested through them to a foreign trust (ie outside NZ) and in a dodgy jurisdiction then tough questions need to be asked and he should front.
    If was based in NZ (or UK where property was sold) and all taxes paid and reporting completed then there’s simply nothing to answer!

    • The question is why was it put through a trust that specialises in tax minimisation and what did Key know about the transaction? Bear in mind that Key oversaw the legislation that turned NZ into a tax haven. If he’s benefited from our tax dodging status, then that’s a question that could end in a resignation. You see the problem now?

      • ranfurz 9.1.1

        This is idiotic. Have you been involved in property transactions before? Lawyers hold their client’s money in the trust account of the firm before paying it out. It happens hundreds of times every day.

        “Key oversaw the legislation that turned NZ into a tax haven.”

        You mean legislation that made foreign-owned PIE funds non-taxable. What on earth do PIE funds have to do with this story?

        • dv 9.1.1.1

          So where is the money now?

        • te reo putake 9.1.1.2

          Hur hur. Desperate stuff, ranfurz. Key has used a trust that specialises in tax minimisation. Spin it all you like, it’s not a good look for poor ol’ shonKey.

          Still, he does wear a lot of hats. I guess we shouldn’t be surprised he’s got a Panama tucked away in the back of the wardrobe.

          • TepidSupport 9.1.1.2.1

            TRP lol @ hats jibe

          • Anne 9.1.1.2.2

            10/10 😀

          • Smilin 9.1.1.2.3

            There has to be a good reason why he would want to pay all the legal fees just for nothin ie a shit load to hide that would cost a lot in regular tax or the source of the equity not kosha ?just a thought

        • BM 9.1.1.3

          The KDS is just off the charts.

          • Gangnam Style 9.1.1.3.1

            Is saying ‘KDS’ like Godwinning? KoDwinningS but actually KoDloSing. This is fun to watch, thanks for the entertainment BM!

          • tinfoilhat 9.1.1.3.2

            I thoroughly dislike the man but I’m forced to agree with you.

          • adam 9.1.1.3.3

            BM, to call people mental ill because they disagree with you is a new low for you.

            I thought of all the right wing snipers who comment here, you at least would have admitted Key and this national government have messed up in creating a tax haven. And then had the moral forfeited to confront that issue as it should be.

            I have to say, I’m disappointed.

          • reason 9.1.1.3.4

            BMs just suffering from bent key syndrome ………. Its been a tough time for him with the master key failing a lot lately and looking more and more dodgy and bent.

            Reddelusion once gave me a good laugh and said I was suffering from “deranged key syndrome” ……….the poor fool couldn’t even get a simple three word parrot squawk right and instead posted up that a class of mental illness had been newly created and its diagnosis was to display the symptoms of John key ……….

            I suspect he might have a drinking problem ………

            Bms more in control of himself than that though … and even uses the kds acronym which although lazier looks less stupid.

            BM does tell lies though ….. like the people who did not vote in the election are happy with the status quo ……… or the greens are thinking of going into government with the dirty nats……

            Regarding his greens lie ( he has many though ) …..I’d like to force BM to drink a glass of dishonest Johns 100% pure, national standards Tm*, river water ( and force him into white disco pants at the same time),.. but this real life performance art of forcing someone to drink a glass of dirty johns fecal and nitrates infused water could fall foul of terrorist legislation involving biological weapons …. so BM’s lucky and its off the table for now.

            I would have called BMs and my performance art “dirty arsehole squirting shit” a representative and confrontational piece where a troll bares his soul 😉

            Regarding the topic of this post….. I think Keys has had many years with the best advice and contacts ( legal but bent ) to get his tax affairs and assets presented exactly how he wants……….

            I suspect the reason he’s not doing a Cameron and instead hiding his tax records is because the “charity” that he brags about giving too is the same one he was benefiting when playing golf with rich sponsors….. The National party

            He let it slip then ………….. and it could explain a little bit of how he lies so well and without pause ……….. in his mind it WAS a charity ( fundraising )

          • lprent 9.1.1.3.5

            You mean the KBL (Key Butt Licking) is?

            Just look at Farrar. That isn’t tan.

            • burt 9.1.1.3.5.1

              I think Clark could do with some colour, she looks more and more ghostly as she ages.

        • the pigman 9.1.1.4

          Holding of money in lawyers trust account pending settlement of property =/= keeping property you’re beneficially entitled to in trust in order to exploit tax loopholes. Keep trying.

      • TepidSupport 9.1.2

        It’s not clear if he used a ‘trust’ that specialises in tax minimalisation but certainly he used a firm that specialises in that for *overseas* entities in NZ.
        Perhaps we should also look at general accounting practices that specialises in tax avoidance with their clients, again totally legal (although many would argue not fair/ moral)

  8. Keith 10

    What else is there that he has not declared. I mean you really cannot trust him can you?

    • Stuart Munro 10.1

      That’s the $6 billion dollar question.

    • burt 10.2

      No, after earning circa $170,000/year for ages by taking money from low paid workers you’d expect him to have more than he has declared. He must be hiding something.

      We are talking about Angry – right ?

  9. Once Was Tim 11

    Just a thought….. and a hint.
    Peddy Gear (always anxious for a scoop) did a spot on 3 News (otherwise known as New Shub). He even fronted on NewShub looking remarkably like Alfred E Newman again.

    Y’all should watch.

    What he didn’t ask (whether or not it hadn’t dawned on him, or whether he was clobbered – kinsprissy there-ists …. knock yourselves out), was where was this tiny wee ‘deposit’ BEFORE ……. and WHY and WHEN was it transferred from it previous resting place to the one Key’s longstanding Law Yerr deemed it necessary to place it ‘ear’.
    It really is a bugger sometimes having to wait for the inevitable.
    One thing is for sure: the harder they rise, the harder they fall. The saddest thing is usually the longer they delay the inevitable, the more pissed off the masses become, and the more violent the process.
    Oh well … the Batchelor’s on soon and I need to have a sleep so I can wake up for Paul Henry and his enablers

  10. Once Was Tim 12

    Just a thought….. and a hint.
    Peddy Gear (always anxious for a scoop) did a spot on 3 News (otherwise known as New Shub). He even fronted on NewShub looking remarkably like Alfred E Newman again.

    Y’all should watch.

    What he didn’t ask (whether or not it hadn’t dawned on him, or whether he was clobbered – kinsprissy there-ists …. knock yourselves out), was where was this tiny wee ‘deposit’ was BEFORE ……. and WHY and WHEN was it transferred from it previous resting place to the one Key’s longstanding Law Yerr deemed it necessary to place it ‘ear’.
    It really is a bugger sometimes having to wait for the inevitable.
    One thing is for sure: the harder they rise, the harder they fall. The saddest thing is usually the longer they delay the inevitable, the more pissed off the masses become, and the more violent the process.
    Oh well … the Batchelor’s on soon and I need to have a sleep so I can wake up for Paul Henry and his enablers

  11. gsays 13

    i don’t believe what dear leader says.

    father ted was all i could think of when i heard this on the radio.

    • Rosie 13.1

      Lols G. Ditto. Father “it was just resting in my account” Ted also immediately came to my mind when news got out.

  12. Paul 14

    Crooked Key

  13. Nick 15

    Hi I’m John key and I am 100%pure……liar

    • AmaKiwi 15.1

      The world of Wall St. high finance is the world of tax evasion. I think Key is up to his eyeballs in trouble and fighting desperately to keep from drowning.

      The Panama Papers story is in its infancy. Once the Panama trust holders are identified their local tax authorities will be going through their financial records with a fine tooth comb. Then come the indictments of the rich and famous. And we haven’t even seen the names of the NZ Panama trust holders yet. This news story has years to play out.

      It’s going to be a great decade for forensic accountants and tax lawyers.

      • John Monro 15.1.1

        Only if all the material is released. I think most of his will never come out. The Guardian, one of the papers involved has already admitted “much of the material will remain undisclosed”. The Guardian too was the paper that destroyed Snowden’s files on the instruction of MI6.

        • AmaKiwi 15.1.1.1

          @ John Monro

          Your point is well taken regarding individuals (IRD confidentiality) but not for publicly traded companies who must publish their annual reports, including their income and taxes paid.

          I foresee a monumental struggle between tax-dodging corporations and all the countries they are ripping off.

          Since this includes every country they operate in, this could a socialist triumph none of us ever imagined.

  14. vto 16

    That cartoon showing the filthy rich in their ocean-liner calling down to the refugees “excuse me, where can we find a safe haven?” is so very good ……..

    John Key eh….

    Who do you think he helps?

    The filthy rich in the ocean-liner?

    Or the poor refugees looking for a home?

    eh John Key?

    wat a wanka

  15. Smilin 17

    “Wait a minute there’s something wrong this key wont unlock this door”
    Red house -of embarrassment could be Keys new song

  16. Smilin 18

    “Wait a minute there’s something wrong this key wont unlock this door”
    Red house -of embarrassment could be Keys new song

  17. Paul 19

    ‘John Key’s embarrassing disclosure: PM reveals link to trust specialist

    The latest register of MPs’ interests, published yesterday, showed Mr Key had a short-term deposit with Auckland-based trustee company Antipodes Trust Group.
    The company described itself as a specialist provider of services for foreign trusts based in New Zealand.
    On its website home page, the company says New Zealand offers a “tax neutral environment for New Zealand-based foreign trusts which are a well-established vehicle for carefully managing the inter-generational transfer of wealth”.
    It points to tax-free benefits, laws that protect client confidentiality and “limited” reporting requirements which mean the identities of settler and beneficiaries do not need to be disclosed – the exact issues which the Government’s review is looking at.
    Antipodes Trust Group’s executive director, Ken Whitney, is Mr Key’s lawyer.

    http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11621361

    • Paul 19.1

      Why choose New Zealand as a trust jurisdiction

      New Zealand has statutory privacy laws and a professional privilege regime under which client information is kept strictly confidential. Reporting requirements are limited and the identity of the settlor and beneficiaries need not be disclosed. For AML compliance purposes full details of the settlor, beneficiaries, trust assets and accounts must be maintained by the trustee.

      http://www.antipodestrust.co.nz/#why-choose-new-zealand

  18. Steve 20

    Frankie Boyle on horrific form

    http://gu.com/p/4t9n2

    Makes the point that right-wing “ideology” is “I think we should take everybody else’s stuff”

    🙂

  19. dv 21

    A spokeswoman for the Prime Minister said his short-term deposit was used to pay for any costs incurred from his trusts.

  20. dv 22

    A spokeswoman for the Prime Minister said his short-term deposit was used to pay for any costs incurred from his trusts.

    Even that is sort of weird- it was to pay his lawyer fees.

    Why declare that payment, why not other payments?

    Weird

  21. Wyndham 23

    Purportedly Key came into politics after having amassed a fortune by gambling with other peoples money. Said to be in excess of $50 million.

    Where is it invested ?

    • burt 23.1

      It might be in the same place that David Shearer has his millions invested. Oh, hang on, that’s right Shearer was entitled to his privacy wasn’t he. Sorry I forgot the standard double standard.

  22. The Gormless Fool formerly known as Oleolebiscuitbarrell 24

    There would be no tax advantage to Mr Key, an NZ tax resident, in having money invested with this crowd. He’d have to pay NZ income tax on it anyway.

Recent Comments

Recent Posts

  • Compliance strengthened for property speculation
    Inland Revenue is to gain greater oversight of land transfer information to ensure those buying and selling properties are complying with tax rules on property speculation. Cabinet has agreed to implement recommendation 99 of the Tax Working Group’s (TWG) final ...
    2 days ago
  • Plan to expand protection for Maui and Hector’s dolphins
    The Government is taking action to expand and strengthen the protection for Māui and Hector’s dolphins with an updated plan to deal with threats to these native marine mammals. Minister of Conservation Eugenie Sage and Minister of Fisheries Stuart Nash ...
    3 days ago
  • Cameras on vessels to ensure sustainable fisheries
    Commercial fishing vessels at greatest risk of encountering the rare Māui dolphin will be required to operate with on-board cameras from 1 November, as the next step to strengthen our fisheries management system. Prime Minister Jacinda Ardern and Fisheries Minister ...
    2 weeks ago
  • Greatest number of new Police in a single year
    A new record for the number of Police officers deployed to the regions in a single year has been created with the graduation today of Recruit Wing 326. Police Minister Stuart Nash says the graduation of 78 new constables means ...
    2 weeks ago
  • Ensuring multinationals pay their fair share of tax
    New Zealand is pushing on with efforts to ensure multinational companies pay their fair share of tax, with the release of proposed options for a digital services tax (DST). In February Cabinet agreed to consult the public on the problem ...
    2 weeks ago