Successful Start For Isle Of Man Aircraft Registry

by Jason Gorringe, Tax-News.com, London

11 February 2008

The Isle of Man's Department of Trade and Industry has reported a successful start for the jurisdiction's aircraft registry, which has registered 37 aircraft in its first nine months of operation.

The DTI's initial expectations were that approximately 12 aircraft would be registered in the first year, but with the world’s major business jet manufacturers' order books full for years ahead, the Island’s new register is forecasting further good growth over the coming years.

Most aircraft on the register, which was established on 1st May 2007, are high quality new business jets operated by wealthy individuals or successful businesses and, according to the DTI, Manx registered jets are now regularly seen at major airports all over the world.

The aim of the register is to provide a new business opportunity for local financial, legal, insurance and corporate service providers, and register's success has already resulted in locally financed aircraft mortgages, legal work and new Isle of Man companies being established to operate aircraft.

As the economic benefits are greatest for private jets, these are the focus of the Registry. However, it also registers ‘light’ aircraft belonging to Isle of Man residents, and Ronaldsway now has seven small local aircraft on the ‘M’ register.

Minister for the Department of Trade & Industry, David Cretney commented that: “The Aircraft Registry’s initial growth has been significantly beyond our expectations. Its value is in the high-quality business it is bringing to local financial and professional sectors, with whom my Department is working closely."

He added that: "While not our target aircraft, we are delighted that local pilots are proudly flying their light aircraft with the M registration and enjoying the convenience of our register, as an attractive and competitive alternative to the UK and elsewhere.”

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