Banking and Finance
The Cook Islands has "Home Rule" with respect to banking, similar to Guernsey, Jersey and the Isle of Man.
This "Home Rule" banking confuses New Zealanders on vacation in the Cooks. Cook automated teller machines often fail to fully disclose the fact that the Cooks are not part of the New Zealand banking system, thus legally requiring banks to charge the same fees for withdrawing or transferring money as if the person was in Australia or the EU. The New Zealand dollar is the official currency of the Cook Islands, adding to the confusion. Cook Islanders are NZ citizens.
The banking and incorporation laws of the Cook Islands make it an important centre for setting up companies that are involved in global trade.
Read more about this topic: Economy Of The Cook Islands
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