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A new opportunity for the "more well-heeled tax-evaders"?
PHOTO: San Marino revamps business aircraft registry
6 minutes ago
San Marino has revamped its 11-year-old aircraft registry in an effort to broaden its customer base and range of T7-prefixed business aircraft.
The restyled registry has been developed in partnership with US-based Aviation Registry Group, which already administers Aruba's offshore registry.
It will become active on 1 December and will get a formal unveiling around a week later at the Middle East Business Aviation show in Dubai.
"There are 40 aircraft on the register at the moment mainly Cessna Citations, Beechcraft King Airs and a range of helicopter types," says ARG chief executive Jorge Colindres.
"The register has been designed for the Italian market, but we are keen to attract owners from across the globe, notably in Asia.
We are also looking at top-end business aircraft and are in talks to add a couple of Boeing business jets."
San Marino - a small state surrounded by Italy - is outsourcing all technical tasks to ARG under a 10-year exclusive agreement and has established a woldwide network of inspectors.
The registry will incorporate ICAO's standards and recommended practices.
The registry will be targeted at private owners initially, "but we plan to open it up to commercial operators in two years", he adds.
"We will offer very competitive fees and tariffs," says Colindres.
Aircraft registered in San Marino will not be subject to import duties or value-added tax - which was previously set at around 2%.
However, it has reached an agreement with the Italian government not to allow Italian-based aircraft on its registry, Colindres says.
As a means of boosting its coffers Italy has imposed "luxury" taxes on privately owned aircraft in its country.
San Marino is hoping to emulate the success of the Isle of Man registry, which has registered more than 500 aircraft since its was established in 2007.