X-Nico

unusual facts about offshore finance



Michael Riegels

Michael Riegels was also part of the "gang of five" who drafted the original International Business Companies Act in 1984, the principal statute of the BVI's offshore finance industry for many years (and subsequently copied by a large number of competing offshore jurisdictions).


see also

Economy of the British Virgin Islands

Former president of the BVI's Financial Services Commission, Michael Riegels, recites the anecdote that the offshore finance industry commenced on an unknown date in the 1970s when a lawyer from a firm in New York telephoned him with a proposal to incorporate a company in the British Virgin Islands to take advantage of a double taxation relief treaty with the United States.