Since approximately 1989, the Cook Islands have become a location specializing in so-called asset protection trusts, by which investors shelter assets from the reach of creditors and legal authorities. According to The New York Times, the Cooks have “laws devised to protect foreigners’ assets from legal claims in their home countries”, which were apparently crafted specifically to thwart the long arm of American justice; creditors must travel to the Cook Islands and argue their cases under Cooks law, often at prohibitive expense. Unlike other foreign jurisdictions such as the British Virgin Islands, the Cayman Islands and Switzerland, the Cooks “generally disregard foreign court orders” and do not require that bank accounts, real estate, or other assets protected from scrutiny (it is illegal to disclose names or any information about Cooks trusts) be physically located within the archipelago. Taxes on trusts and trust employees account for some 8% of the Cook Islands economy, behind tourism but ahead of fishing.
Transportation:
There are eleven airports in the Cook Islands, including one with a paved runway, Rarotonga International Airport, served by four passenger airlines.
Flag of the Cook Islands:
The flag of the Cook Islands, officially known as the Cook Islands Ensign, is based on the traditional design for former British colonies in the Pacific region. It is a blue ensign containing the Union Flag in the upper left, and on the right, fifteen stars in a ring. The Union Flag is symbolic of the nation’s historic ties to the United Kingdom and to the Commonwealth of Nations. The stars stand for the fifteen islands that make up the Cook Islands (Tongareva, Rakahanga, Manihiki, Pukapuka, Nassau, Suwarrow, Palmerston, Aitutaki, Manuae, Takutea, Atiu, Mitiaro, Mauke, Rarotonga and Mangaia). The blue represents the ocean and the peaceful nature of the inhabitants.
In 1973 a contest was held to design a new flag, with 120 entries. The winner was chosen at a meeting of the cabinet, judging panel and the flag design committee, a green ensign with 15 gold stars in a circle. The gold was to represent the “friendliness of Cook Islanders and their hope, faith, dedication, love and happiness”; the circle represented “unity and strength of purpose and the moulding of 15 islands into one united people”; the stars were “symbols of heaven, faith in god and the power that has guided Cook Islanders throughout their history”; and the green background was to represent the “nation, the vitality of the land and the people of the evergreen and lasting growth of the Cook Islands”. The new flag was raised for the first time on 24 January 1974.
In 1979 it was replaced by the current flag.