There are places around the world where people can be protected from the very high taxes that come from having a lot of money. These places are called tax havens and the rich of the world often flock to these places so that they are not subjected to losing a lot of their money.
One place that many people may mistake for a tax haven is New Zealand. It is not a tax haven and it won’t ever be a tax haven in the future. It is, however, a tax transparent country. This means that the country is open about the taxes and that they often communicate with other countries that people may come from so that they can talk about the taxes that are being paid and the taxes of the different areas. There are many ways in which taxes are hidden and New Zealand does not allow that to happen.
As a transparency country, New Zealand knows that it is important to always be open about what is going on with taxes and what the people can do to reduce those taxes. The country does not promise that people will pay lower taxes but they do help the people who move to the country have a better understanding of where their taxed money is going. They are open about what they do with tax money and how much will be taken depending on the situation and the amount of wealth that the person has in their own bank account.
Geoffrey Cone is a global attorney. He works with families and individuals that move around the world or that live in different countries from where their wealth was acquired. He is one of the most prominent and he makes sure that he always helps people who are moving to other countries. He knows a lot about the laws around the world and New Zealand when it comes to taxes. He is able to advise the families that he serves on where would be a good place to move and what tax havens are available for people to move to.
As a New Zealand native, Geoff Cone knows that things are not completely free to live in New Zealand. He was subjected to taxes there and he suggests that people do not move there so that they won’t have to pay taxes. He knows that most people will end up being pretty disappointed if they move to New Zealand in the hopes of not paying taxes and, instead, just get a country that tells them what they are being taxed for and where the tax money that is taken is going depending on what the country is going to use it for.
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Finished in 2007 by the New Brunswick Development Corporation (Devco), the 235 room Heldrich Hotel built in New Brunswick, New Jersey, has had the unfortunate luck to be moderately successful, but not successful enough to pay back the one million dollar first installment in principle and interest that is part of it’s twenty million dollar loan from the Casino Reinvestment Development Authority (CRDA). The CRDA loan is five years in arrears and has accumulated $7 million dollars in missed payments.
Chris Paladino, the Attorney that facilitated the real estate deal stated that the monies owed to the CRDA will be paid back, just on a later timetable than expected. The CRDA loan monies were low on the list to be paid back from the $107 million dollar total cost of the Heldrich loan. According to Paladino, senior bondholders have been paid back to the tune of $30 million plus 5% interest.
In December of 2016 Gov. Chris Christie signed a law stating that if a business or non profit has defaulted on the terms of their loan they will be denied loans for monies related to separate projects. Devco is confident that this new law won’t affect their other projects as it was written into the Heldrich loan the CRDA monies were to be paid back after the bondholders received their monies.
Devco is a 501 (3) (C) real estate development corporation that was created in the 1970’s and is seeking to revitalize the urban New Brunswick area through building projects aimed at generating business for the area. Devco has over 2.5 million square feet in active or established development amounting to over $450 million in investment.
Sweetgreen is a $95 million salad chain business that focuses in processing fresh farm products. The business was started as a single shop in Georgetown by three undergraduates, Nicholas Jammet, Nathaniel Ru and Jonathan Neman. They were able to commence operations after they received funding from their friends and relatives. The three enthusiastic friends never thought that eight years later their business would be among the top successful startup companies in America. Currently, Sweetgreen has 31 restaurants nationwide and continues to expand its operations in other regions.
During his exclusive video interview with Bloomberg Reserve’s Peter Elliot in October 12, 2015, Nicolas Jammet, the co-CEO of Sweetgreen, gave a clear encounter of how they started the fast food business. By virtue of being born to entrepreneur parents, it was easy for them to pursue the same route since none of them desired to work in standard institutions. Jammet’s parents were restaurateurs but Jonathan and Nathaniel’s parents were not in the same business. He explained that they were also driven by the need for better food options in Georgetown. They all embraced the salad idea and focused on not only building the Sweetgreen brand but also ensuring that all steps are done accurately from serving, hiring and handling employees.
Discussing about their culture of unique investors, Jammet pointed out that there are many individuals and businesses having similar ideas but only a solid business plan can attract the right investors. He stated that their deep passion and ability to execute the plan is what lures the skilled investors. When asked about Sweetgreen dress code, which is termed as “sexy”, Jammet explained that their business is not just about lettuce but also combines lifestyle, a brand and a vision. He added that the lettuce flavor attracts customers and the dress code is an added advantage.
Lastly, Jammet explained that they have an almost paternal relationship with the employees. This way, they can relate with employees in a closely and openly manner. Employees can understand the reasons for all the decisions that they make. He also mentioned that the bond between the three of them has grown stronger. This information was originally reported on Bloomberg as provided in the link below http://www.bloomberg.com/news/articles/2015-10-12/how-salad-chain-sweetgreen-became-a-95-million-vc-success
About Nathaniel Ru
Nathaniel Ru is a New York based investor, co-founder and co-CEO of Sweetgreen. Talking to Fortune, Nathaniel said that they (Jammet, Neman and himself) were very comfortable taking up all roles in the company. They later realized the importance of building a team. He has a culture of reading books and when asked about his role model CEO and favorite restaurant, Nathaniel named Kevin Plank of Under Armour and Johnny Monis’ Little Serow respectively. This information was originally published on Fortune as explained in the following link http://fortune.com/2016/02/18/sweetgreen-entrepreneurs/