The Minister for Economic Development, Senator Alan Maclean, has lodged draft legislation that would enable a Jersey Aircraft Registry (JAR) to be established. Independent research commissioned by the Department has indicated that an aircraft registry based in the Island could generate significant income.
The JAR would allow for the registration of private and corporate high-value aircraft, aircraft engines and aircraft mortgages. Uniquely, the JAR would also offer clients the option of registering commercial aircraft engine mortgages. A nationality registration prefix, ‘ZJ-‘, has also been secured for the Island.
Assistant Minister for Economic Development, Deputy James Baker, said: “As a stable, highly respected international finance centre with world-class legal and fiduciary expertise, Jersey would be a very attractive base for an aircraft registry. Reports have shown that there is a great deal of potential income to be generated in this area. With our established culture of exceptional client service and professionalism, Jersey could expect to establish a high-quality client base through its aircraft registry.”
Senator Maclean added: “I would like to thank Deputy Baker and the working group of government officials and industry representatives who have worked hard to develop this legislation.”
The JAR would require a Registrar of Aircraft to lead, direct and manage its services.
Category: Finance & Business