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Offshore Banking In The Cook Islands |
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Written by OffshoreWorld
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Monday, 03 August 2009 |
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Information On The Offshore Banking System In The Cook Islands
Country name: Cook Islands
Geographic location: Located in the South Pacific, The Cook Islands consist of 15 islands west of Tahiti and Samoa, and east of Tonga. The islands themselves cover an area approximately 1.3 times the size of Washington D.C.
The town of Avarua is the capital, which is located on the Island of Raratonga
The majority of the population lives in the southern group.
Official language: The Polynesian Cook Islanders follow the cultural traditions and customs of the Maoris of New Zealand, speaking Maori as well as English.
Languages commonly spoken in offshore banks: English is the official language and is spoken in the financial community.
Population: approximately 22,000 inhabitants.
GDP per capita: $9,100 (2005 est.)
Currency: Both the New Zealand dollar and the local Cook Islands currency are legal tender on the Islands, with an exchange rate of around US$1 = NZ1.36 (August 2008).
Summary: The Cook Islands are both a tropical paradise and tax havens without income taxes, capital gains taxes or an inheritance tax.
Infrastructure and economy: Due to their isolation, lack of natural resources and access to foreign markets, their economic development has been hindered. Agricultural exports of black pearls, copra and citrus fruits are the major economic base and employs nearly 1/3 of the population.
Foreign aid to offset trade deficits comes from money provided by the New Zealand government.
Legal system: While the Cook Island's legal system is based on English common law, laws of the Cook Islands are passed by the Islands parliament, which has undisputed political power.
The Island democracy has as its governing body a prime minister, a legislative assembly consisting of 25 members and the prime minister's cabinet.
The legislators also submit matters of law to the "Ariki" tribal chiefs who's house of representatives then considers them.
While the Cook Islands are self-governing, the Queen of New Zealand is still considered the head of state.
Did you know? / Special services: There are firm time limits for actions against trust assets and Cook Island laws super-seed those of other countries in matters of properties transfered to trust held on the Islands.
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