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Private Jets: From the Bahamas to Barbados

Do you find yourself dreaming of stress-free flights, weekend breaks on isolated beaches, or that ultra-exclusive family holiday to Mexico? The fastest route to fulfilling those fantasies is by private jet – a mode of transport growing increasingly popular amongst the ranks of the super-rich.  

“Private jets are the path of least resistance, if you can afford it and experience it, they’re considered one of the ultimate assets with purchase prices typically ranging from a few million to more than £50M. But with fuel costs and a team needed to manage the aircraft, maintaining a private jet is no small task. One of the primary reasons we see purchases is for convenience and privacy,” says James Turner, Director at Company Formation Specialists, Turner Little.  

Purchasing a private jet through an offshore company structure often provides a number of advantages including access to corporate limited liability and enhanced levels of confidentiality. Offshore company structures also offer potential benefits in relation to inheritance tax and succession issues as well as transfer fees in any future sales. 

“If you are using an offshore company structure to purchase your private jet, it’s also important to consider its registration, as choosing the right place can impact taxation, resale value, level of service, maintenance regulations and more. One of the most important reasons for registering your aircraft offshore, is that not all registries are created equal, there are countries that focus more om business aviation, and are therefore more responsive and understanding of the owner’s needs,” he says.  

“It’s important to consider that different registries have different reputations, and something as simple as weather patterns of the region in which an aircraft was registered can affect the resale value. Tax is also high on the list of considerations – the EU enforces a 20.5% VAT tax, whilst some offshore registries have no income tax, no profit tax, no sales tax and no use tax.  When purchasing a luxury asset such as this, every aspect of aircraft ownership must be taken into consideration. It’s important that you have the right support when considering offshore company structures and registry for your high-value assets,” adds James.  

Turner Little specialises in creating bespoke solutions for both individuals and businesses of all sizes. The knowledge and expertise of our specialists, ensures we are able to assist with any enquiries, no matter how complex. To find out more about how we can help you plan, get in touch with us today. 

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.