International Trusts
INTERNATIONAL TRUSTS ACT 1987
This Act provides for the registration of an international trust thus enabling it to enjoy certain privileges and exemptions.
An international trust is a trust in respect of which one trustee at least is either a trustee company, an international or foreign company and the beneficiaries are at all times non-resident. The registration and annual renewal fee is US$150.00. Discounted fees on a long term registration basis for 5, 10, or 20 years are available.
Generally, in regard to legal issues concerning a trust, the Court will apply the Act and the English common law and equity in force in Samoa but to validate the trust instrument, it may apply the law of the country where the trust instrument is executed or where the trust property is situated or where the trustees (or any one of them), the settlor or the beneficiaries are normally resident or domiciled.
A trust is deemed irrevocable unless it contains an express power of revocation and will not be made void or voidable in the event of the settlor’s bankruptcy or liquidation unless the trust was made with the intention to defraud creditors.
Trusts for charitable purposes (which are defined) may be registered even though the purposes benefit only some members of the public or benefit privately one or more persons.
An international trust is not required to file any accounts or reports.
Application
Application is made to the Registrar of International Trusts accompanied by the prescribed fee of US$150 and details of the name of the trust, of the office of the representative trustee which is the registered office of the trustee which is either a trustee company or an international company or a registered foreign company and a certificate from a trustee company that the trust on registration will be an international trust under the terms of the Act.
The trust deed does not have to be produced for the purposes of registration but a certified copy thereof and of any amendments can, if desired be produced and endorsed by the Registrar.
Registration is normally completed the same day that the application is made.
Renewal
The registration is valid for 12 months but can be renewed on payment of an annual renewal fee.
Restrictions
Trustees of a trust are prohibited from using a name which is similar to the name of any other company or firm as is likely to mislead or is calculated to suggest falsely a connection with some person or authority or a special status or relationship with the Government of Samoa or of any department thereof. Trustees are not allowed to make any disposition or settle any property in the currency of Samoa nor engage in any advertising or soliciting of trust business within Samoa.
Revocation
The registration of a trust may be revoked inter alia if the trustee company, international company or registered foreign company which is a trustee, ceases to be registered in Samoa or if a trustee has conferred any benefit on a resident of Samoa as if that person was so entitled as a beneficiary or if a trustee of the trust is made bankrupt or is connected with any crime and sentenced to a term of imprisonment.
