Owning an N-registered aircraft as a non US-Citizen outside the US?
A friend of mine (non US) recently approached me and asked me the above mentioned question. Since I am a US citizen living in Europe he asked me if I would be willing to act as the registered owner of his airplane. I hold a FAA CPL myself but this kind of question was frankly never a topic for me. So I would appreciate if anybody here could provide me with some useful/helpful information in this regard. Particularly the pros and cons and if there are any "risks" involved which could bite me in the end?
This friend is a doctor, my medical examiner and he owns a Mooney for over ten years (N-reg). Previously this aircraft was registered on the name of another friend of his, also a US-citizen but this guy recently turned 85 and now he is a bit concerned that he could pass away. That's the reason why he asked me.
Any advise greatly appreciated, Thanks!