MEBAA Convention News

MidEast clients swell offshore tax-haven roles

 - December 6, 2010, 12:30 AM

Middle Eastern clients are the largest group of aircraft owners joining what is arguably the world's fastest growing aircraft register: the Isle of Man. The offshore tax haven located in the Irish Sea between Britain and Ireland formed its own register just over three years ago and more than 300 aircraft already have flocked to its jurisdiction. The register, designated by its M-tail- number, is intended for professionally flown jets and twin-turbine helicopters.

The Isle of Man government has sought to offer a combination of user-friendly, bureaucratic flexibility and a credible regulatory structure with technical standards based on those of the UK. Importantly, the register is open to aircraft operated under private rules, and not those offered for charter. It is the only dedicated business aircraft register in Europe and the continent's only offshore register, offering a favorable corporate and personal tax environment.