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Wednesday
Oct042017

Cayman's AMS Offers Alternate Offshore Aircraft Lease Operations Program

The Aircraft Ownership Transparency Act of 2017 (H.R.3544) requires that the “beneficial” owner of an aircraft is clearly identified before that aircraft can be FAA registered.

Locally owned and based Aviation Management Services (Cayman) Ltd. (AMS) announced that its Offshore Aircraft Lease Operations Program may provide an alternate means to register and operate your aircraft without exposure as required in this new act should it become law.

An excerpt of the present bill offered is as follows:

A BILL to require the disclosure of beneficial ownership by a foreign person of aircraft registration, and for other purposes.

SECTION 1. Short title: This Act may be cited as the “Aircraft Ownership Transparency Act of 2017”.
SECTION 2. Certification of aircraft registration.
(a) In general - Before approving a certificate of registration issued under section 44103 of title 49, United States Code, with a covered entity, the Administrator of the Federal Aviation Administration shall require the covered entity to—
(1) Identify each beneficial owner of the covered entity by—
(A) Name;
(B) Current residential or business street address;
(C) a unique identifying number from a non-expired passport issued by the United States or a non-expired drivers license issued by a State or if neither is available, a legible and credible copy of the pages of a non-expired passport issued by the government of a foreign country bearing a photograph, date of birth, and unique identifying information for the person;
(D) Nationality; and
(E) The make, model, and serial number of the aircraft to be registered;
(2) in the case of a covered entity that is owned or controlled by more than one entity, identify how each entity relates to every other entity, including the extent to which each entity holds an ownership interest in or exercises control over another entity, and the relationship of each such entity with the beneficial owners who are natural persons; and in addition to each beneficial owner, identify each trust grantor, trustee, trust protector, and beneficiary owner of the covered entity that is a foreign person;
(3) In the case of a trust or association, identify the chain of control that includes the owner, trustee, and beneficiary; and
(4) Disclose to the Administrator any beneficial owner of the covered entity that is a foreign person.


The benefit of AMS' Offshore Aircraft Lease Operations Program in the case of this bill is the protection of your privacy, liability exposure, and protection of assets. It will also create a single business entity in which all of your aviation expenses will be managed and paid, so you will have a single source to fund and transact all of your aviation activities, making accounting and cost management simpler and straight forward.

MEET AMS AT NBAA BOOTH C11022
&
BRIEFING ROOM: MONDAY 9 OCTOBER @ 1500 ROOM N119 & TUESDAY 10 OCTOBER @ 1100 ROOM N117

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