Maxred - wow, you certainly are prickly if anyone has an opinion different to yours. Do you own and fly an N reg aircraft yourself?
Just for the sake of clarity, I will clarify a statement of mine earlier:
If theTrust ownership loop hole was removed that would become impossible for most.
The Loophole is that the ONLY way to own an N Reg aircraft if you are not a US Citizen is by having it registered to either an American citizen as the owner OR to an American based trust.
Of course if details of the actual owner (the trustor) was availible to the authorities it would remove a lot of the issues over N-Reg being based and operated in the UK.
Now this could also be addressed easily by allowing ownership of N Reg aircraft by a non US entity and making the details of ownership availible through a similar system as G-INFO.