Samoa is comprised of a group of islands in the South Pacific Ocean, about one-half of the way from Hawaii to New Zealand. The islands were first settled about 3,000 years ago by people migrating eastward from Asia. In 1899, colonial powers including Germany, Britain and the United States signed a treaty by which the territory (then called Western Samoa) was annexed by Germany. The country prospered until Germany's expulsion by New Zealand forces in 1914 at the outbreak of World War One. New Zealand continued to administer the islands as a mandate and then as a trust territory until 1962, when the islands became the first Polynesian nation to reestablish independence in the 20th century. The country dropped the "Western" from its name in 1997.

Samoa is an attractive offshore financial center due to its political and social stability, as well as progressive corporate legislation. Samoa is an independent sovereign state with an established legal system based on English common law. Its financial structure and regulations have been approved by both the OECD and FATF.

Samoa is an excellent jurisdiction for companies wishing to conduct banking activities. The banking industry in Samoa is governed by the Offshore Banking Act of 1987. Banking licenses are issued by the Minister of Finance. Licenses are offered through a multi-tiered system. Class A licenses require US$10,000,000.00 in paid up capital. The capital requirement for a Class B license is US$2,000,000.00 or US$250,000.00 depending on the category of license issued. Most banks originally incorporated in Cook Islands have moved to Samoa.

Offshore banks must be registered under the International Companies Act. As such, banks are exempt from any income tax or stamp duty. Similar exemptions apply to bank shareholders and depositors. Licensed banks are exempt from all currency and exchange controls. Banks must submit annually audited accounts to the supervisor of offshore banks.

Samoa has some of the strictest confidentiality legislation of any jurisdiction. Samoa is not party to any mutual assistance or information exchange agreements.