25 May 2018
Earlier this year, the Aviation team and I completed the importation of a Bombardier Challenger 350 aircraft (“the Aircraft”) for a new client. Worth around US$26 million, this Super Midsize BizJet was the second best seller of 2017 and a worthy successor to the 14-year-old Challenger 300.
The client
One of Europe’s leading independent retailers had purchased the Aircraft for their own business use purposes. They also wished to be able to offer the Aircraft for charter to third parties.
The objective
The client required the Aircraft to be commercially registered, placed with an Air Operator Certificate (“AOC”) company, and to operate into and throughout European airspace with free circulation import status. To that end, the correct paperwork was a critical goal.
Our role
We established a suitable holding structure for the Aircraft and registered it for Value Added Tax (“VAT”) purposes in the EU. We made arrangements for Commercial Aircraft registration status with the UK Civil Aviation Authority, placement of the Aircraft with an AOC holding charter management company, and the direct importation of the Aircraft to secure appropriate and permanent EU importation documentation acceptable across all member states.
View or download this case study as a PDF
Chris Nicholls is a manager for First Names Group in the Isle of Man. He is part of our specialist Private Client Aviation team, focused on the provision of expert solutions to clients in respect of aircraft assets.
This article has been issued by First Names Management Limited on behalf of certain companies that form part of the First Names Group. The article has been prepared for general circulation to clients and intermediaries, and does not have regard to the particular circumstances or needs of any specific person who may read it. Nothing in this article constitutes legal, accounting, tax or investment advice.
The information contained in this article has been compiled by First Names Management Limited and/or its affiliates from sources believed to be reliable, but no representation or warranty, express or implied is made to its accuracy, completeness or correctness. All opinions and estimates contained in this report are judgements as of the date of publication, and are provided in good faith but without legal responsibility.
