The
Cook Islands comprises a group of 15 islands located in the South Pacific
between Tahiti in the east and Samoa and Tonga in the west. The main
island of Rarotonga is 3,000 km northeast of Auckland, New Zealand. The
Cook Islands consists of two main groups, a southern group of nine "high"
islands which are of volcanic origin and the northern group which comprises
of six atolls. The majority of the population lives in the southern group.
The Cook Islands are tax-free. There is no income tax, capital gains tax,
gift tax, estate tax, corporation tax, or property tax. With
over 90,000 visitors travelling to the islands in 2006, tourism is the
country's number one industry, and the leading element of the economy,
far ahead of offshore banking, pearls, marine and fruit exports.
Although the Cook Islands offshore industry is relatively small in world
terms, it is an important source of revenue to the Islands' Government,
which actively encourages its development with tax incentives and concessions.
The offshore industry now only rates second to tourism in terms of its
contribution to Government finances.
Offshore
banking services include, Investment Call Accounts,Offshore International
Services, Foreign Currency Interest Bearing Term Deposits, International
Transactions and Treasury Services.
A wholly
owned subsidiary of the Bank of the Cook Islands Holding Corporation
(BCIHC) which was established on 1 December 2003 by the Bank of the Cook
Islands Act 2003 to takeover the assets and liabilities of the former Cook
Islands Development Bank and the Cook Islands Savings Bank.
Unlike
many larger banks, Capital Security Bank does not engage in the business
of lending except where loans are secured by a corresponding cash deposit.
HSBC
Trustee (Cook Islands) Limited provides trust and company administration
services both on its own account and in support of the trust and fiduciary
operation based in Hong Kong and other locations within the Global Wealth
Solutions worldwide network.
WSBC
Bank offers its global clients with traditional, personalized banking
services coupled with leading edge on-line banking technology, diversified
financial and investment product portfolios and individual customer care
to rival any local domestic or international bank.
The
Cook Islands comprises a group of 15 islands located in the South Pacific
between Tahiti in the east and Samoa and Tonga in the west. The main
island of Rarotonga is 3,000 km northeast of Auckland, New Zealand. The
Cook Islands consists of two main groups, a southern group of nine "high"
islands which are of volcanic origin and the northern group which comprises
of six atolls. The majority of the population lives in the southern group.
The Cook Islands are tax-free. There is no income tax, capital gains tax,
gift tax, estate tax, corporation tax, or property tax. With
over 90,000 visitors travelling to the islands in 2006, tourism is the
country's number one industry, and the leading element of the economy,
far ahead of offshore banking, pearls, marine and fruit exports.
Although the Cook Islands offshore industry is relatively small in world
terms, it is an important source of revenue to the Islands' Government,
which actively encourages its development with tax incentives and concessions.
The offshore industry now only rates second to tourism in terms of its
contribution to Government finances.