Starting May 1, the Isle of Man–a British Crown Dependency located in the Irish Sea between the UK and Ireland–will have its own aircraft registry, open only to corporate and private aircraft. The UK government recently notified ICAO that it is allowing the Isle of Man to use the previously idle “M” tail number registration that was allocated to the UK in 1919. According to Brian Johnson, the island’s first director of civil aviation, the idea behind the registry is to complement its existing range of financial and corporate services. Based on its offshore tax status, the island already has a strong market in aircraft finance, insurance and leasing. Attractive features of the new registry include low registration fees, no corporate or capital gains tax and a fixed rate for mortgage registration for aircraft regardless of value. Organizers hope the new registry will attract business for local corporate service providers.
Isle of Man Company Starts Aircraft Registry
- April 19, 2007, 11:44 AM