The Isle of Man Aircraft Registry was established in 2007 mainly to bring more economic prosperity to the Isle of Man’s private sector and to provide service for the registration of high-quality private and corporate jets and turbine-engine helicopters, for customers.
Presently, the Isle of Man aircraft registry continues to grow and expand its services. The registry now also has various authorized Airworthiness Surveyors based in the United States and Europe.
Considering Aircraft Registration, the Isle of Man is one of the best jurisdictions in Europe to register an aircraft.
Advantages of registering an aircraft in the Isle of Man
The main advantage of the Isle of Man Aircraft Register is that it is a commercial registrar, acknowledging high regulatory standards, with a very supportive Government.
In addition to this, the Isle of Man gives the following benefits regarding aircraft registration:
- High service levels and quality global reputation
- Competitive scheme of charges and secure mortgage register
- Neutral nationality registration prefix ‘M’. The M prefix can be transferred to the next private jet when buying a new aircraft.
- Low operating costs for aircraft registered on the island.
- Competent infrastructure with experience in aviation finance
- Efficient and valid professional services from Isle of Man authorities for any issue that may face when registering aircraft
- European time zone. The Isle of Man is in the same time zone as the United Kingdom, and never more than one hour different from Europe.
- Very efficient and highly personal service standards from a globally respected registry which is available at all times.
- The Isle of Man enjoys a stable political and economic environment.
There is also a large number of aircraft management and administration companies on the Isle of Man to cater to the growing demand for aircraft services.
Taxation
The Isle of Man is one of the best jurisdictions to register an aircraft thanks to its beneficial tax regime, which includes the following:
- The Isle of Man is on the OECD (Organisation for Economic Co-operation and Development) ‘white list’ of countries acknowledging the global standard for tax cooperation and exchange of information.
- Companies in the Isle of Man are subject to a 0% corporate tax rate.
- There is no insurance premium tax in the Isle of Man
- The Isle of Man has lower VAT and Inheritance taxes in comparison to Europe.
- There are no capital gains or wealth taxes in the Isle of Man
- There is no insurance tax, contrary to the 6% in the United Kingdom.
The Isle of Man is regarded as one of the major business jet aircraft registries in Europe, having hundreds of aircraft already registered.
To register your aircraft in the Isle of Man, contact your Damalion experts now.
