The Offshore Banking Act 1987 provides for and regulates the conduct of offshore banking activities in Samoa. An offshore banking licence is issued by the Minister of Finance pursuant to the Offshore Banking Act 1987.
The legislation incorporates a three-tier licensing system through the issue of A class licences and two categories of B class licences. The holder of an A class banking licence is required to have paid up capital and unimpaired reserves at all times of not less than US$10,000,000 and in the case of the holder of the B class banking licence not less than US$2,000,000 or US$250,000 depending upon the category of licence issued.
A licenced offshore bank which must be a company registered under the International Companies Act 1987, is exempt from any form of taxation or stamp duty on income earned or transactions effected in its offshore banking business. Similar exemptions apply to shareholders and depositors of a licenced offshore bank. Licensed offshore banks are also
