Earlier this month the Isle of Man launched its own aircraft register, allowing private or corporate jets and helicopters the opportunity to gain an “‘M” registration.
The new Manx register is aimed at owners of brand-new jets. Although it is open to all non-commercial aircraft it is expected to attract interest from professionally flown corporate jets. The register offers the same standards as the UK’s “G” registration, but benefits from operating from the Crown Dependency – an international offshore financial centre that will also have a competitive scheme of charges.
The Isle of Man offers a zero rate of corporation tax and no insurance premium tax (typically 5%), which can significantly reduce the operating cost of an aircraft.
Because the Isle of Man has never been a member of the UK or the European Union, it and its aircraft register can be seen to be politically neutral. To complement the “M” registration, it has also established an aircraft mortgage register to assist in aircraft acquisitions.
“The register, like all services on the island, allows clients a high level of service, beneficial financial arrangements and the convenience of operating within easy reach of the UK. My team is fully supportive of the needs of owners and operators, and will ensure that the highest service standards are achieved when registering aircraft,” says Brian Johnson, director of civil aviation.
Source: Flight Daily News