Opposition parties are claiming a major win over the government after a sharp fall in the number of foreign trusts.
At the end of last year there were about 11,750 foreign trusts in New Zealand.
Following the introduction of tough new rules there are now less than 3000.
Foreign trusts came under the spotlight after millions of documents from a Panamanian law firm were leaked in 2016 showing some of the world’s richest people were using them to hide their wealth – including in New Zealand.
The government flatly rejected claims New Zealand was being used as a tax haven but an inquiry led to the new rules being introduced in July
Now foreign trusts have to file annual returns and identify who owns the trust – what assets are in it and who the beneficiaries are.