When adding or updating details for connected persons, you'll need to let us know what their role is in relation to the New Zealand foreign trust (NZFT).
The names of roles in your trust deed may not match the ones we use. Either way, use this list of definitions to select which role the person connected to your NZFT best fits under.
Appointor
A person who has the power to:
- appoint or dismiss a trustee
- amend the trust deed
- add or remove a beneficiary.
Beneficiary
A person who:
- receives a distribution from a trust in an NZFT's tax year
- has a fixed entitlement to trust assets or income.
Beneficiary - nominee
A nominee for a beneficiary.
Director of a trustee company
Directors of a trustee company who have the power to control a trustee in the administration of the trust.
Minor beneficiary
A person who is a beneficiary and under 16 years of age.
Parent or guardian
A person who is legally responsible for a minor beneficiary.
Protector
A person who has the power to control the exercise of a power to:
- appoint or dismiss a trustee
- amend the trust deed
- add or remove a beneficiary
- control a trustee in the administration of a trust.
Settlor
A person who has made settlements, requiring disclosure, on the trust. You need to disclose all people who are settlors of the NZFT.
For the purposes of NZFT registration, you do not need to disclose settlements which stem from a person providing minor services to the trustee at less than market value - as long as these minor services are incidental to the activities of the NZFT.
Settlor - deceased
A person who has made settlements on the trust and is deceased at the time of application.
Settlor of a settlor trust
A person who is a settlor, or head-trust, of a trust which has made settlements on this trust.
Trustee
A person who is a present trustee of the trust.
Trustee of a settlor trust
A person who is the trustee, or head-trust, of a trust which has made settlements on this trust.
Other
When a person being disclosed does not fit in any of the listed roles. Make sure you give us a specific name for their role.