The word “offshore” can conjure images of money laundering, tax dodgers and oil spills, but in today’s business aviation world, as privacy and security become ever more precious commodities, offshore registry is becoming an acceptable alternative.
Offshore financial centre
The new Isle of Man aircraft registry could be a possible safe haven for N-registered business aircraft based in Europe. European civil aviation authorities, such as those of France and the UK, have indicated that they are unwilling to tolerate the situation in which aircraft that spend most of their time in Europe remain on the U.S.
British authorities are expected to decide by mid-February how and when to apply new operating rules to business aircraft registered in the UK’s overseas territories. These new rules will likely be based on the International Standards for Business Aircraft Operations (IS-BAO) drawn up and administered by the International Business Aviation Council (IBAC).
The Isle of Man, a UK Crown Dependency in the Irish Sea, hopes to have its own aircraft register established by the end of next year. The island will operate the new register in parallel with the UK’s “G” register and market it as an additional benefit to individuals and companies seeking to benefit from the island’s fiscal and legal jurisdiction.