Panama Papers and the biz jet
Join Date: Nov 2007
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The vast majority of the companies registered in the 'Panama Papers' are in the British Virgin Islands. BVI companies do not have an obligation to prepare of file financial accounts. However, records must be kept that are sufficient to show and explain the company's transactions; and will, at any time, enable the financial position of the company to be determined with reasonable accuracy. Such records do not have to be kept in the British Virgin Islands and the location for keeping such records can be freely determined by the owners of the company, and there is no requirement whatsoever to file or otherwise make public any commercial or financial records of the Company. Quite clearly then intended for hiding the affairs of the companies concerned, albeit legitimately under BVI rules
Join Date: Jul 2010
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Just in Europe there are huge differences in corporation tax levies - Germany up to 33.3%, Belgium 34%, Italy 31.4%, Spain 28% whilst the likes of Ireland are at 12,5% along with Cyprus and Liechtenstein, Montenegro 9%, Bulgaria and Bosnia 10%, Switzerland 16.55% and Malta goes as low as 5% (where Vistajet are now lock, stock and barrel). The Swiss and Liechtenstein also have really low VAT at 8%. Anyone with any sense is going to play the tax game to protect their investments, businesses and minimise outgoings. The UK is proposing to go to 18% in 2020 so we recognise the issue and don't want to lose out to a great extent to our lower tax neighbours. Of course if we leave the EU, our economy could be so shaken up that corporation tax could be radically changed to compensate.
Join Date: Nov 2011
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Of the reputed 619 UK-based fixed wing business (private) aircraft types, only 292, less than half, are on the British 'G' register. Of the rest of those parked up in the UK as their primary or nominal base, there are 132 on the Isle of Man register, 116 on the US 'N' register, six on the new Guernsey '2' register, one on the new 'ZJ' Jersey register, seven Bermudan, seven Cayman, one Maltese, two Luxembourg and the rest are general other European registers with the odd Nigerian or Saudi aircraft. Much of that is due to operational flexibility, but a lot is privacy and tax-related. Interesting though that the UK CAA only have oversight over the operation of less than half of the private aircraft actually based in the UK. Most of those non-G-registered aircraft of course are supposed to comply with the new Part-NCC regulations in August (safety compliance-related rules) so someone in the UK CAA needs the owner's phone and e-mail please - good luck!
Join Date: Mar 2004
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ust in Europe there are huge differences in corporation tax levies - Germany up to 33.3%, Belgium 34%, Italy 31.4%, Spain 28% whilst the likes of Ireland are at 12,5% along with Cyprus and Liechtenstein, Montenegro 9%, Bulgaria and Bosnia 10%, Switzerland 16.55% and Malta goes as low as 5% (where Vistajet are now lock, stock and barrel). The Swiss and Liechtenstein also have really low VAT at 8%.
I remember when my first employer in aviation relocated his business (650 employees) to Ireland - they gave him 3 years free of ANY taxes and the right to pollute - for which he paid 18 Mio D-Mark annually at the origin of the business. After more than 150 years in Germany the company does now produce its stuff in Ireland. Funny enough, after a few years they had to import Chinese laborers, cause the Irish did not like working for relatively low wages...
This world is simply perverted. And its the rich people that are to blame, mostly.
Join Date: Jan 2008
Location: Hotel Sheets, Downtown Plunketville
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A few clicks on the www reveals on 1/1/2016, there were 21432 pvte jets in the world wide fleet. Multiply that number with a million or so each, you gets to some big numbers. Add to that all the manufacturers who make those machines and the numbers they employ and there you have a very serious issue.
What became of Julian Assange and his Wiki Leaks. Not much. So it will with the Panama Papers.
Am sure those guys driving the big yachts are not losing any sleep over their jobs and without the jets, how would any body get to the yacht.
What became of Julian Assange and his Wiki Leaks. Not much. So it will with the Panama Papers.
Am sure those guys driving the big yachts are not losing any sleep over their jobs and without the jets, how would any body get to the yacht.
Join Date: Jan 2008
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Join Date: Jan 2008
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I know what you mean... back at the start of my illustrious career in aviation, it was once my unfortunate duty to clean a bunch of spilled dog food and other canine by-products from the interior of a Citation Ultra on a hot summer's day. 
