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| Guernsey To Push Ahead With Aircraft Registry |
by Jason Gorringe, Tax-News.com, London
Monday, October 17, 2011
Guernsey is to push ahead with plans to establish an aircraft registry as a way
of diversifying the island's economy after proposals for a joint Channel Islands registry received little support from Guernsey lawmakers.
The plan was approved by the island's legislative assembly, on September 30.
Presently - as Guernsey lacks the legislative framework - Guernsey aircraft must
be registered in foreign territories. Legislation is forthcoming that would
enable Guernsey to tap the lucrative market which has seen great success for
fellow Crown Dependency, the Isle of Man, which registered its 400th
aircraft in August after four years and four months of operation.
The Guernsey government anticipates that the registry will generate around
GBP18m (USD28m) for the economy over its first three years, although, as a sub-registry of the United Kingdom, it would have to be approved by London.
Previously, the Guernsey government had entered into a feasibility study with
Jersey in October 2010 on the possibilty of establishing a joint Channel Islands' registry. Although the idea has not been dismissed, the proposal reportedly
received little favour from Guernsey politicians during the sitting.
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