Cayman promotes aircraft registry

The Civil Aviation Authority of the
Cayman Islands will be promoting the Cayman Islands Aircraft Registry at a
major conference in Europe.

Officials are attending the
European Business Aviation Convention and Exhibition between 4 and 6 May for
the fifth year in succession, explained Nicoela McCoy, Director of Commercial
Affairs with the CAACI.

“It’s Europe’s
largest pan-business conference for aviation which represents all facets of
corporate aviation, from manufacturers, service lines, brokers and finance, and
so on.

“We will be there promoting the
Cayman Islands as registry of choice for owners of corporate and private
aircraft,” said Ms McCoy.

The benefits of registering an
aircraft in Cayman, according to a press release from Maples and Calder, which
partnered with CAACI for this year’s event, are that the Cayman Islands
provides a safe, stable and friendly flag and a developed system for perfecting
a security interest over aircraft.

The stable government, legal
system, status as a tax-neutral environment, a relatively straightforward
registration procedure and protection of third-party interests in any aircraft
mortgage were also cited as reasons to register here.

Finally, the press release noted
that the CAACI itself, as a regulation body, has a subsidiary office in London
and is internationally respected within the industry.

Opportunity

Traditionally, the European
Business Aviation Convention and Exhibition has been a strong tradeshow for the
Cayman Islands, explained Ms McCoy.

“Probably 70 per cent of the
aircraft on the Cayman Islands Aircraft Register are based throughout Europe,
the Middle East and Asia, so not only do we have an opportunity to attract new
clients to our register, a lot of our clientele and repeat clientele are
attendees from year to year.

This could be owners, brokers or
large companies that look after aircraft financing, insurance companies and so
on.

“It gives us an opportunity to meet
with them in their part of the world and it gives us an opportunity to bring
people together [at the event]. People come to the event expecting to hear this
information so it’s a promotional opportunity,” said Ms  McCoy.

The event is a spin-off of the
national business aviation show which is held in the United States each year. That
show attracts 35,000 visitors per year while the European event is anticipating
around 11,000 attendees.

Awareness

As well as the raising of interest
in the airline registry itself, it is a good opportunity to raise awareness of
Cayman as a destination, explained the director of commercial affairs. The
Department of Tourism has provided destination information for the booth,
although the target markets are slightly different, explained the aviation executive.

“Whilst [the event] is
predominately trade-based you do get people asking general questions on how to
get to Cayman, vacations, investments and the financial industry,” Ms McCoy
said.

“It’s a well-rounded representation
there because you do get a lot of questions that are pertained to aircraft
registry.”.

Ms. McCoy added that the aircraft
registry was similar to the yachting registry in that it was an affluent,
sophisticated demographic with high disposal incomes who may look at
registering a yacht in Cayman.

“There’s a lot of cross-promotion
and synergy available because the yacht registry deals with people who own
mega-yachts and may also own their own private aircraft like a helicopter that
goes on the yacht.

“We’re trying to keep
the name of the territory and the jurisdiction out there because we are a
credible choice for asset management,” concluded the commercial affairs
director.”

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