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Guernsey Aircraft Registry Celebrates Largest Signing

by Mike Godfrey, Tax-News.com, Washington

17 April 2014


The Guernsey aircraft registry has welcomed the recent registration of an Airbus 319 – its most significant signing since its launch in December last year.

The registry, known as 2-REG, is open only to aircraft that are not currently used for commercial air transport. The launch of Guernsey's registry came despite the cancellation of plans for a joint Channel Islands aircraft registry last year. It was agreed that Jersey would launch its own aircraft registry, due to open this year, due partly to differences in the two islands' tax regimes.

According to Carey Olsen, the local law firm that advised on the addition, the registration formed part of a larger financing and leasing transaction undertaken on a tight time-frame.

Russel Clark of Carey Olsen said: "The 2-Reg's flexible and competitive registration process for the registration of aircraft assets offers many advantages, and Carey Olsen was pleased to work with an important industry player to assist them in capitalizing on the advantages offered by the 2-Reg. The 2-Reg was established to allow aircraft assets to be registered in Guernsey in a commercially-sensible way and to allow aircraft owners to benefit from Guernsey's strength and stability as an international financial center."

"The 2-Reg offers great opportunities for growth in the finance and fiduciary sectors in Guernsey including through aircraft financing, and we look forward to working with our clients in order to ensure they are able to capitalize on such opportunities."

Wim Ovaa, 2-REG's Executive Director, said: "As we were able to respond swiftly, and the 2-REG is particularly attractive as an in-between leases aircraft registry, we are very pleased that the customer has decided to work with us, and so are able to welcome this first Airbus A319 aircraft."

TAGS: Finance | tax | business | law | international financial centres (IFC) | Guernsey | Jersey | offshore

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