General Overview. Samoa is a rapidly growing offshore financial center in the South Pacific region. A significant amount of offshore companies were registered there and it continues its fast growth. The legislation of the jurisdiction is constantly reviewed and improved by local authorities, in order to maintain its competitive advantage in being an attractive business environment for international investors, at the same time adhering to international standards and norms.

Banking Sector. The jurisdiction provides offshore banking facilities with a number of banks registered either in the jurisdiction or in one of neighboring countries. In order to manage an offshore bank from Samoa, it is necessary to obtain an offshore banking license from the Ministry of Finance. Three types of licenses can be issued to a company which intends to provide banking services. A category of license is decided according to each company’s intended banking business plan.

Trust Management. In order to establish an international of offshore trust in Samoa, its beneficiaries must not be Samoa nationals and such a trust must have a local registered and authorized trustee agent. All the information regarding the trust details and persons connected with it are strictly confidential.

Insurance Companies. It is possible to conduct offshore insurance business in Samoa in a favorable business environment, which at the same time is well regulated by local authorities. Captive insurance companies and reinsurance business activities are permitted. An insurance company must obtain a relative insurance license to the projected activity by submitting a number of requested documents to the local authorities and pay up minimum capital requirements.