Source: Southpac Group
New Zealand lawyers, accountants and compliance specialists are set to benefit from rapid growth in the Cook Islands financial services export sector, where new international trust registrations have risen almost 90 percent in two years, creating a growing shortage of skilled workers.
Industry experts say the expansion could also create opportunities for New Zealand fintech and regulatory-technology firms providing trust administration, compliance, identity verification, cybersecurity and international payment solutions.
A new Cook Islands Government report shows financial and insurance services contributed more than NZ$48 million to the economy in 2024/25, up around 27 percent from NZ$38 million in 2019/20.1
The sector now accounts for 8.54 percent of real GDP, up from 8.32 percent the previous year.
New international trust registrations rose 42 percent in the past year to a record 433, almost 90 percent above the level recorded two years earlier.
The surging sector is helping diversify the tourism-reliant nation through higher-value, low-environmental-impact services that can operate remotely during disruptions to international travel.
The growth is being driven in part by international demand for Cook Islands asset protection trusts. The jurisdiction has developed a global reputation for its asset protection legislation, which has been in place for more than four decades.
Individual providers administer billions of dollars in client assets through international trust structures, much of it for North American clients, with the Government report showing approximately 85 percent of licensed trustee company revenue comes from US clients, primarily through asset protection structures.
Tauranga-based financial services firm Southpac Group, which specialises in international asset protection and trust administration, reports approximately US$4 billion under administration across its international operations.
Southpac Group CEO Mike Arand says demand is being supported by heightened concern about litigation and professional and business risks in North America.
The number of established roles across the wider financial sector increased from 257 in 2020 to 325 in 2025, a rise of 68 roles or approximately 26 percent.
The sector currently has 299 filled positions, with dozens of roles remaining vacant across legal, accounting, trust administration, compliance and technology functions.
Arand says New Zealand is well placed to help meet the demand.
“The jurisdiction has developed a global reputation for its asset protection trust legislation and is now administering billions of dollars in assets for international clients.
“Financial services contribute more than twice as much to the Cook Islands economy as agriculture, fishing and construction combined.
“Continued growth will depend on access to highly skilled professionals. New Zealand is an obvious source of that expertise because of the close legal, economic and constitutional relationship between the two countries.”
Arand says the opportunity extends beyond supplying professional expertise.
“As the Cook Islands industry expands, it will require more sophisticated systems for trust administration, regulatory compliance, identity verification, cybersecurity, payments and international client servicing.”
Southpac Group lawyer and director of business development Matthew Smith says the rise in trust registrations reflects growing international awareness of the need to protect personal wealth before disputes arise.
“We are seeing more business owners and professionals consider asset protection as part of their broader risk-management and succession planning rather than waiting until a legal claim emerges.
“The Cook Islands has a long-established legal framework, but the industry supporting it must continue investing in specialist people, compliance systems and technology as the number and complexity of international structures grow.”
The Cook Islands is self-governing in free association with New Zealand, uses the New Zealand dollar and its people hold New Zealand citizenship.
New Zealand is also home to a substantially larger Cook Islands population than the islands themselves, providing a potential pool of professionals who could return home, work remotely or support Cook Islands firms from New Zealand.
Smith says the concentration of trustee company revenue in the United States has made North American wealth an important driver of the Cook Islands financial services economy.
He says the jurisdiction’s established legal framework and four-decade track record have helped it build credibility among US lawyers, wealth advisers, business owners and professionals.
“The United States has driven much of the sector’s recent growth and will remain its most important market.
“As demand increases, the Cook Islands will need to ensure its legal, regulatory and technology infrastructure continues to meet the expectations of increasingly sophisticated international clients.”
Arand says attracting more international financial services and technology businesses could further expand local employment.
“The next phase is not only about registering more trusts. It is about attracting technology, expertise and investment that deepen the industry’s presence in the Cook Islands.
“The opportunity now is to strengthen its links with New Zealand and ensure its workforce, training systems, regulation and technology develop at the same pace as international demand.”
Asset protection trusts are intended for lawful planning before claims or disputes arise and do not override tax, criminal, insolvency or disclosure obligations.
Cook Islands Financial Services Development Authority, Annual Report 2024-2025, published online in May 2026.
https://cookislandsfinance.com/wp-content/uploads/2026/05/2024-2025-Annual-Report-_online2.pdf