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Last Updated: Feb 13, 2017 - 1:45:37 AM |
Reward is in the Registries -- Aviation law expert and Callenders law firm partner Llewellyn Boyer-Cartwright points to “stunning success” of international aircraft registries in places like the Channel Islands where the registry attracted 32 aircraft with a combined value of more than £250m or nearly $380 million in 2014, its first year of existence. Boyer-Cartwright has been a leading proponent of a Bahamas international aircraft registry and is concerned about its progress, though says opportunities are still excellent.
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Guernsey Reports $379 Million in Registered Aircraft Value in 1st Year
International aircraft registries continue to boom while The Bahamas continues to plan, says a leading proponent of a Bahamas international aircraft registry.
Senior aviation attorney Llewellyn Boyer-Cartwright, who has helped spearhead the movement toward launch of an aircraft registry similar to the Bahamas Ship Registry, said recent news of success of other registries reaffirms how great the demand is and how valuable aviation is to an economy.
“The Guernsey-based Channel Islands International Aircraft Registry went live on December 9, 2013 and just last week reported its first year’s activity, 32 aircraft registered – Brazil, UAE, Australia, Canada, USA, China, some of the heavy hitters in this industry – with a total value of £250 million (US $379 million),” said the Callenders law firm partner who specializes in aviation law. “That is an absolutely stunning success and clear evidence of how great the demand for quality registries is.”
He cites other examples, including the U.S.
“One of the fastest growing sectors of aviation is the business jet fleet. Right now some 66% of that business – 12,277 aircraft – is registered in just one building in Oklahoma City,” said Boyer-Cartwright, a popular speaker at aviation conferences and the first attorney in The Bahamas to have been admitted to the Lawyer Pilots Bar Association. “The myriad ancillary services connected with the registration accruing with benefits to the jurisdiction can provide the single largest boost to the second pillar of our economy that we have enjoyed in recent history arming trust companies, wealth managers, insurers, attorneys, potentially resulting in real estate investment and activity, adding to visitor spend and loyalty to The Bahamas as a whole.
“However, the key is to provide the highest standard of customer service and efficiency because this is an extraordinarily competitive market,”
With the business jet sector expanding at exponential rates, he says, Ireland which is the world leader in aviation registries, is considering launching a dedicated business jet registry.
“That’s how valuable they see this sector – that the bedrock of all registries would go so far as to create another registry just to serve business jets despite having a well-established aircraft registry,” said Boyer-Cartwright, a former commercial pilot.
In 2012, Boyer-Cartwright, along with the Bahamas Financial Services Board BFSB), spearheaded a renewed drive for the creation of an international registry for aircraft, similar in many ways, to the highly successful Bahamas Ship Registry. Government created a steering committee to study the issue and Boyer-Cartwright along with the BFSB were appointed to serve on it.
“One might ask how many more business jet registries does the world need? Is there room for another? Keeping in mind that despite the recent growth of registries, the aviation industry itself is expanding even faster with the greatest number of orders for new aircraft in history pending, there is no one registry that will be right for every aircraft just as no one jurisdiction is right for every kind of bank, trust or company,” said Boyer-Cartwright, who also serves on the board of the BFSB. “The launch of a C-6 (Bahamas pre-fix) would provide numerous opportunities in non-aviation specific services as well.”
The important thing, he believes, is that The Bahamas not lose ground, but continues to work with commitment to quality.
“Establishing an aircraft registry is no easy feat,” he said. “Regulatory standards are very high. The work force must be well-educated in the intricacies of aviation, but when done properly the rewards are well worth it and I hope we move quickly. Ratification of the Cape Town Convention would be a step in the right direction, opening the door to our becoming a full-service jurisdiction.
“There are many fiduciary service providers in The Bahamas with high net worth clients who own aircraft and can take advantage of a Bahamas aircraft registry. The Bahamas has a great opportunity to be a major player in aviation.”
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