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Guernsey Launches Aircraft Registry

by Jason Gorringe,, London

11 December 2013

The Guernsey Government has become the first of the two Channel Islands to launch an aircraft registry. Earlier it had been proposed that fellow Channel Island Jersey join forces with Guernsey to establish a combined registry. Negotiators however agreed that the project would not have been mutually beneficial, partially due to differences in the islands' tax regimes.

Announcing the registry's launch, Fiona Le Poidevin, the Chief Executive of Guernsey Finance – the promotional agency for the island's financial services industry, said: "This is yet another landmark day for Guernsey's finance industry. In the last twelve months we have seen the development of the world's first image rights law and register, the introduction of Guernsey Foundations and now Guernsey has launched the first aircraft registry in the Channel Islands. This adds yet another service to the menu of options which we can offer our global client base."

"Guernsey has many fiduciary services providers with high net worth clients who own aircraft and now they can take advantage of the modern legislation offered by our aircraft registry. Indeed, it is expected to be particularly attractive to clients from emerging markets – such as the Middle East, Russia, and Asia – where personal luxury aircraft ownership is very popular, and it may encourage them to consider using Guernsey for their wider wealth management needs."

"Guernsey's broad-based finance industry means that we can also service many other aspects related to aircraft ownership, such as alternative financing arrangements and specialist aircraft insurance. This means that clients can come to Guernsey knowing that they have a jurisdiction which offers a "one-stop shop" to meet their aircraft needs," she added.

The registry is open to aircraft not currently used for commercial air transport, aimed mainly at owners, operators and asset managers of business aircraft, as well as aircraft lessors. Guernsey's nationality mark has been confirmed as "2" followed by four letters.

TAGS: Finance | tax | investment | business | law | aviation | financial services | insurance | equity investment | international financial centres (IFC) | Guernsey | Jersey | offshore | legislation | services

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