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IoM Aircraft Registry Attends Monaco Yacht Show

by Jason Gorringe, Tax-News.com, London

20 September 2007


The newly established Isle of Man Aircraft Registry is being represented for the first time on the Isle of Man Government Stand at this year’s Monaco Yacht Show.

Launched on the 1st May 2007, the register is the first European aircraft register dedicated to high quality private corporate jets and helicopters. The Isle of Man Department of Trade and Industry (DTI) says that the ICAO register offers high international standards and the unique prefix ‘M’, giving the opportunity for distinctive registrations such as M-AGIC, M-YJET, M-ICRO and M-NACO, which are fully transferable to owners' new aircraft.

It is expected the new register will be of particular interest to super-yacht owners, many of who operate their own jet aircraft and have helicopters on board their yachts.

In the first four months of operation the registry has already registered twelve aeroplanes and helicopters. These include mostly new jets, a Gulfstream IV and an Embraer Legacy, with many more currently being processed, including a new Challenger 300, Falcon 900 and an Augusta Westland 139 helicopter.

The DTI stressed that all users of the register will be able to benefit from the Isle of Man’s favourable tax regime and the aircraft register’s competitive scheme of charges. In addition to a zero rate of corporation tax, there is no Isle of Man Insurance Premium Tax lowering the cost of operating aircraft from the island. The Island has a Triple ‘A’ rating from both Standard & Poor’s and Moody’s credit ratings agencies. The DTI also emphasised that the Isle of Man is not a member of the United Kingdom or European Union, and is therefore politically neutral. "This is likely to appeal to many users in the post 9/11 environment," the DTI observed.

The aircraft register is being represented at the Monaco Yacht Show by the Isle of Man Director of Civil Aviation, Brian Johnson.

“We are aiming to provide the same efficient friendly service yacht owners enjoy from the Isle of Man Ship Registry," Johnson said. "The register, like all services on the Island, will provide clients with 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."

The Minister for Trade and Industry, Hon. David Cretney MHK, commented: “I am delighted we are providing such a strong and coordinated Isle of Man presence at this year’s Monaco Show. There is an obvious overlap between the target markets of our aircraft and shipping registers and both Divisions have combined their efforts to maximise business opportunities at the 2007 event. We have quality registers and a ‘can do’ attitude from our staff which I am sure will be well received at the show.”

The 17th Monaco Yacht Show kicked off on September 19 and is being held until September 22 at Monaco’s Port Hercules.

With 500 exhibitors coming from 38 different countries, the show has already been booked up for several months. Approximately 24,000 visitors are expected to attend.


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