The expansion of the territory’s aircraft registry could take effect in the coming months if new regulations are approved by the House of Assembly. That could mean more revenue for government and more opportunities for the financial services industry to register foreign aircraft here, officials said.
According to international rules, all aircrafts, their engines and their mortgages must be officially listed with a country or territory’s registry.
A bill passed last May – the Mortgaging of Aircraft and Aircraft Engines Act, 2010 – expanded the existing registry, which has existed for more than 40 years, to allow for aircraft engines and their mortgages to be listed in the Virgin Islands as well. But before government starts filling in the registry’s pages with the tail numbers of additional aircraft, more regulations relating to aircraft engines and mortgages need to be approved.
Draft versions of those regulations are currently before Caucus, where they will be discussed by lawmakers of the ruling National Democratic Party government, Andrew St. Hilaire, the acting director of the territory’s Department of Civil Aviation, said yesterday.
The new regulations also have to be vetted by the Attorney General’s Chambers, a process that is ongoing, he added.
See the May 3, 2012 edition for full coverage.
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