Offshore aircraft Registration
The Civil Aviation Act 1974 and the Civil Aviation Regulations 2007 regulate aircraft registration, leasing and mortgages. The application for aircraft registration, financing, leasing and mortgaging needs to be done through the Financial Services Commission while matters relating to technical verification aviation security and safety issues are done by the Civil Aviation Department (CAD).
The Civil Aviation Department is responsible for all matters relating to the technical verification of foreign aviation equipment. The application should satisfy flight operations, airworthiness and aircraft ration station license. The Civil Aviation Department may make such arrangements for the continued airworthiness of the aircraft and the surveillance of flight operations.
General Requirements for Aircraft Registration
- Submission of proof ownership, chartering or leasing.
- Yearly renewal of certificate of airworthiness.
- Submission of certificate of insurance and title deed for aircraft-bill of sale.
- The aircraft shall not concurrently be registered in another country and shall not be subject to any un-discharged mortgage.
Benefits of Registering Aircrafts Offshore
- Favorable tax environment and tax efficient structures
- 100% accelerated depreciation rate in the first year of operation of an aircraft
- Excellent asset security with flexible and innovative financing and leasing structures provided under the proposed Foreign Aviation Equipment Registration Legislation
- Regulations ensuring international enforcement and preserving aircraft resale values and ease of re-exporting
- Excellent corporate management environment and efficient support elements including banks, lawyers and accountants
- Signatory to the Chicago ICAO convention, Geneva convention on International Recognition of Rights in Aircraft and the New York Convention on the Registration and Enforcement of Foreign Arbitration.
Popular Jurisdictions for Offshore Aircraft Registration
- Isle of Man
- British Virgin Islands
- Cayman Islands -United States
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