SOLUTIONS OFFERED BY SAMOA FOR ESTATE PLANNING
What solutions does Samoa provide to meet your wishes and needs for estate planning ?
1. Family succession and protection:
Samoa has a wide and modern "Trust Law 2014", which will be very attractive to you for achieving succession and protection for you and your family. Samoa also has the Foundations Act 2016 which provide similar benefits.
2. Ongoing Control
2.1 A Trust may contain reservation of powers to you and/or others of the ongoing control you wish.
2.2 A Foundation may also reserve powers to you and/or to others of the ongoing control you wish.
2.3 Where appropriate, you may have you own company or Foundation to act as Trustee.
2.4 There is a special form of Trust (the Samoa International Special Trust Arrangement - "SISTA"), which enables Trustees of a Samoan Trust to hold the shares of a Samoan company and permit the directors of that company to control that company day to day without the Trustees interfering or being liable.
3. Asset Protection
3.1 Samoan Trust Law provides that, if a creditor's cause of action arises more than 2 years after the creation of a Trust or the transfer of assets to it, those assets will be protected from claims by that creditor.
3.2 Samoan Foundations Law has similar asset protection rule.
3.3 Samoan Trust Law provides for the non-enforcement of foreign judgments, including those concerning claims to assets following divorce and claims by reason of foreign succession rights.
3.4 Samoan Foundations Law has similar non-enforcement provisions.
4. Avoidance of Probate
The use of a Samoan Trust, often combined with the use of a company or companies, or of a Samoan Foundation will provide for the avoidance of the future need for Probate of a Will or Wills in respect of the assets transferred by you to such Trust, Company or Companies or Foundation, because those assets cease by such transfer to be part of your estate.
5. Legal migration of taxation:
5.1 Samoan Trust Law provides for taxation exemption for Trust structures where the Settlor and the Beneficiaries are not tax resident in Samoa.
5.2 Careful, proper and entirely legal estate planning may mitigate present or future taxation elsewhere by the use of Trusts or Foundations.