extensive knowledge of the most suitable And Quality in the Air
ownership vehicle, taking advantage of the Island’s
Aircraft and superyachts share many similar attributes;
unique tax status.
both are extremely valuable assets and both need
to be managed in the best, most tax efficient way.
VAT Benefits
So, following the success of the superyacht register
An additional and very important benefit of the Isle and extensive research, the Isle of Man Government
of Man for superyacht registration and management, introduced an aircraft register as part of its “niche
is the fact that it is the only offshore financial centre market” strategy.
where low tax rate companies may operate within the Although the register is only open to non-
European Union VAT system and trade freely within the commercial planes, it will be of particular interest
European Union. to professionally flown corporate aircraft, which are
By using an Isle of Man company through a increasingly popular with business travellers wishing to
specifically tailored structure an owner of a commercial circumvent the stress, congestion and inconvenience of
yacht may benefit from: commercial airline travel.
• VAT reclaim on the yacht acquisition/import/
The Aircraft Registry was established as the first
purchase.
dedicated high quality business aircraft register in
Europe on 1st May 2007. Equiom launched the register
• Import or acquisition of the yacht without sailing
and the Flymann service at a series of presentations
the yacht to the United Kingdom or Isle of Man.
in London, nice, Dublin and Paris along with members
• A VAT paid certificate for an EU acquisition, to
of the Isle of Man Government. The response was
be retained by the yacht (Issued by Isle of Man
immediate and extremely enthusiastic. To date more
Customs and Excise).
than 30 aircraft have been registered on the Island, a
number far exceeding initial expectations.
• non-disclosure of the beneficial owner to the Isle of
In addition to benefiting from many of the fiscal
Man Authorities.
Refuge castle
overlooks the
and political advantages of the Isle of Man, owners
• Reclaim VAT on any Isle of Man/United Kingdom
harbour at
of Manx-registered aircraft carry the unique prefix: M.
expenses. douglas. This allows the owner to personalise the aircraft’s five-
• Low tax status.
• Enjoy intra-community supplies
(i.e. VAT free).
The Isle of Man now has a
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A growing international presence in
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T
O
the burgeoning superyacht industry
–
(there are now several hundred
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Y
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OR
yachts registered or managed from
the Island), with government and
;
GRAHAM
service companies, like Equiom,
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HS
representing the Island at yacht
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i
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nc shows, seminars and exhibitions.
:
FRA
In summary, by registering and
O
M
T
O
.c
managing a superyacht in the Isle
PHO of Man the owner will benefit from
i
S
T
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ck
the prestige and security of a Cat-
egory one Red Ensign jurisdiction
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©
i
MA
and unrivalled taxation advantages.
DeCeMbeR 2008 YACHTWORLD.COM 19
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