The expansion of the government’s aircraft registry may provide opportunities for the territory’s aviation and financial services sectors, officials said.
A bill expanding the territory’s listing of aircraft — the Mortgaging of Aircraft and Aircraft Engine Act, 2010 — was Gazetted last Thursday after receiving its first reading in the House of Assembly.
According to international regulations, all aircrafts, their engines and their mortgages must be officially listed with a country or territory’s registry. The bill will expand the territory’s existing registry of aircraft to allow aircraft engines and mortgages to be registered here, which may provide an additional revenue stream for government, acting Director of Civil Aviation Andrew St. Hillaire said Tuesday.
Aircraft cost and the complexity of financing has increased dramatically in 40 years, requiring the three separate registries, Mr. St. Hillaire said.
The territory’s aircraft registry is still developing. Only two entities — the firm VI-Airlink and the Royal Virgin Islands Police Force aircraft — are currently listed, Mr. St. Hillaire said.
See the May 5, 2011 edition for full coverage.