With the initial buying price of private jet starting at around $3 million, whilst the operating costs range from $500,000 to $1 million per year, owning such a prestigious asset means that it needs to be managed in a cost-effective manner.
Owning and operating a luxury asset such as an aircraft or helicopter is complex, with each structure being unique. Established in 1991, ILS World has worked with specialist advisers to assist with the ownership, registration and management of many different types of aircraft. The team understands the intricacies of owning this type of luxury asset and keep up to date with new industry legislation and regulations to ensure effective management.
Whether the luxury asset is for commercial or personal use, we provide solutions to maximise the benefits and mitigate liabilities. With so many registers available, choosing the most advantageous jurisdiction to register an aircraft needs meticulous investigation. The team is used to working closely with specialist advisers and once decided, ILS World will manage the registration process through to its certification and facilitate the proper importation and exportation into or out of the European Union.
The team provides an on-going service to assist with the renewal of certificates and on-going upkeep. Our adaptable and professional Aviation team has a global network of contacts who will deliver on some of the more technical details of specialist aircraft maintenance programmes as well as managing ongoing expenses including flight crew salaries, hangar rental and insurance.
Headquartered in the Isle of Man, ILS World operates in a jurisdiction that has nurtured the sector to develop and build its knowledge and expertise. As part of that environment, the Isle of Man Aircraft Registry was awarded Best Global Aircraft Registry 2020 for the third year in a row due to its attention to detail, dedication and excellent customer service.
Due to the complexity of managing such a specialist asset, where necessary we partner and work in collaboration with external accredited experts and acknowledged industry professionals to ensure we provide our clients with the best advice.
The ILS World team is experienced in:
• Establishment of tailored ownership structures which are VAT efficient where applicable
• Multi-jurisdictional company incorporation
• Multi-jurisdictional aircraft registration
• VAT and Customs compliance
• Comprehensive administration of the ownership structure
• Management and financial reporting
• VAT and accounting services
• Provision of directors, registered offices and registered agreement/company secretary
• Operational support to aircraft owning entities across multiple jurisdictions
• Import and export services
• Maintenance and upkeep
ILS World is a global provider of independent fiduciary services and our private client team has considerable experience in assisting international clients with various solutions around wealth management, asset protection, succession and estate planning and trusts and foundations in multiple jurisdictions.
We act in the long-term interest of our clients and pay careful attention to the quality and personal service we deliver.
The team works hard to create long-term relationships and provide the highest level of service. We do this by being approachable, flexible and pragmatic. We offer regular face-to-face meetings as required and provide direct contact with a senior member of the team. Staff have diverse backgrounds, skills and interests and their professional experience together with their "can-do" attitude means they understand that wealth and business are inextricably linked.
Our private clients often require an international strategy and as a global business with offices in a number of key jurisdictions we are well-placed to provide a cohesive service. Our network includes offices in:
• British Virgin Islands
• Hong Kong
• Isle of Man
For further information please email firstname.lastname@example.org
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This article is part of the ILS Private Client Series, a collection of commentaries originally generated in response to specific enquiries by individual clients. We have amended this briefing on watches to enable us to share it with a wider audience with similar interests. Read the full compendium on our website by clicking here.
Please note: ILS World does not offer tax advice and would therefore recommend you obtain your own tax advice. If you require an introduction to a tax adviser we would be happy to assist.