B200dvr:
Isle of Man is neither a Member State nor an associate member of the European Union. Neither is it an EASA member state. With regard to the Basic Regulation, Isle of Man is a "Third Country" as is the USA.
Isle of Man Validations are accepted by EU member States who are members of ICAO. (EASA is not an ICAO member, by the way). The validations are issued in accordance with standards and recommended practices agreed by all ICAO member states.
bestman:
If, as it seems, the Operator's residence is the crux of the issue, rather than where the aircraft is based, how is this defined?
Enter EU216/2008 into a Google search and it will show at the top of the page. Atricles 4, 7, 8 and 9 are self explanatory.
After all, my understanding is that a US trust is required to operate a N reg aircraft, if not based in the US. Clutching at straws?
A US based trust, US corporation or US citizen may "own" a US-registered aircraft. Aircraft "base" does not feature in the equation. Neither of the aforementioned has anything whatsoever to do with "operation" of an aircraft. Please understand that the registered owner and the operator of an aircraft may not necessarily be the same. In the case of the Cirrus that you mentioned, the owner and operator may be the same, but in the case of most private jets (for example), the owner and operator are highly likely to be two different individuals or entities.