A Tough Act To Follow

In August the British Virgin Islands will celebrate the 30th anniversary of its landmark International Business Companies Act, which gave rise to the islands' finance industry, transformed their economy and has since been emulated elsewhere. Colin Riegels recalls the Act's development in which his father, Michael Riegels – Harney Westwood & Riegels' founding partner – played a key role.

Although nobody knew it at the time, the inception of the British Virgin Islands' (BVI) International Business Companies (IBC) Act occurred at some point in 1976. Nobody recalls the exact date, except that it was during the summer. Back then no one could have foreseen the dramatic positive effect the IBC Act would have, not only on the economy of the BVI, but also on the growth of the offshore sector elsewhere.