The Isle of Man is now firmly on track for establishing its own aircraft register with the necessary regulations coming into force at the beginning of May.
Huge interest has been expressed internationally since the Island first unveiled the plan for a Manx register – which will be operated on the same principles as the successful shipping register. Most of the world’s leading ship groupings are now represented in the Island with several building their own management headquarters and employing significant numbers of staff. It has also attracted niche business for local banks and law firms. The Treasury is confident that an Isle of Man aircraft register will attract similar specialist business interests.
‘Complementary business’
Director of Civil Aviation, Brian Johnson, who is responsible for establishing the new register, said the two registry systems were likely to be complementary: ‘Ship owners often have private aircraft at their disposal – as do the high net worth individuals who own super-yachts. If they are already happy with the excellent services they are receiving on the Island, it is likely they would also consider registering their aircraft here. There has been a considerable amount of interest already from international business.’
Corporate aircraft are frequently registered in overseas jurisdictions – for sensitive financial and political reasons - where they are leased or purchased by carriers in emerging markets but financed by banks in major onshore financial capitals. An aircraft or ship registered in the Isle of Man is subject to the same stringent safety regulations as those in the UK and therefore satisfies any security concerns financiers might have with registration in the carrier’s home country.
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