Owning an N-registered aircraft as a non US-Citizen outside the US?

[Transsonic2000]

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!

[jmmoric]

Some countries does not like having residents owning aircraft on foreign registry located in their country..... so the easiest thing is to ask the CAA in the country.

Every time a resident owns an aircraft on foreign registry, the CAA looses the registration fee etc.... so it may be doable if the aircraft is not in the same country as you reside, otherwise you may get into the same trouble as with your car.

[S-Works]

Your friend would be better using the services of one of the N reg trust companies that do this for the many thousands of N reg aircraft outside the USA. Generally Delaware corporations.

[Waltzer]

Your friend would be better using the services of one of the N reg trust companies that do this for the many thousands of N reg aircraft outside the USA. Generally Delaware corporations.

Agreed. I’ve been involved owning aircraft via N reg trusts for 15 years and never had a problem. Very simple. All calendar requirements are dealt with expeditiously and for very reasonable cost. eg, Cert of airworthiness renewals, radio licences etc.

[Transsonic2000]

Some countries does not like having residents owning aircraft on foreign registry located in their country..... so the easiest thing is to ask the CAA in the country.

Every time a resident owns an aircraft on foreign registry, the CAA looses the registration fee etc.... so it may be doable if the aircraft is not in the same country as you reside, otherwise you may get into the same trouble as with your car.
jmmoric: I stated that I am a US citizen so I can legally be the owner of a N-registered aircraft outside the US. My question was aiming at the responsibilities which come with an N-reg aircraft ownership? Particularly regarding any possible risks which could come and bite me in the end.

[Transsonic2000]

Agreed. I’ve been involved owning aircraft via N reg trusts for 15 years and never had a problem. Very simple. All calendar requirements are dealt with expeditiously and for very reasonable cost. eg, Cert of airworthiness renewals, radio licences etc.
Thanks S-Works and Waltzer! Most helpful answers so far! This guy already owns the aircraft for about 15 years now. So I guess he knows how to handle it. As stated in my above question, the current "owner" is a guy (US citizen) but he is 85 and now my friend is probably concerned that he might pass away. I assume the reason behind asking me if I would be willing to act as the owner of his aircraft, is probably because he want's to save money or he's reluctant and doesn't want do deal with a trust company. My basic question was, what are the responsibilities which would come with an N-reg aircraft ownership (I'm a US citizen) and/or are there any "risks" involved which could bite me in the end? He told me that I don't have to worry about any upcoming costs, he will take care of all that. But how about if there is an accident and he (in this case the operator) would be killed? So they would come after me, right?

[Ebbie 2003]

I have owned my US registered airplane on a non-citizen trust - SAC since 2012 - I am a dual national UK and Ireland, been resident in Barbados and for the past year or so in Dominica.

The cost three hundred and seventy five pounds per year - SAC deal with all the paperwork so money well spent.

It would be very, very foolish to ask a US citizen friend to be the registered owner - if he were to outlive you maybe his estate would look to liquidate his assets including your airplane - the costs of getting all tied up with custom legal drafted legal documents would likely be way in excess of using an established trust company.

[md 600 driver]

Thanks S-Works and Waltzer! Most helpful answers so far! This guy already owns the aircraft for about 15 years now. So I guess he knows how to handle it. As stated in my above question, the current "owner" is a guy (US citizen) but he is 85 and now my friend is probably concerned that he might pass away. I assume the reason behind asking me if I would be willing to act as the owner of his aircraft, is probably because he want's to save money or he's reluctant and doesn't want do deal with a trust company. My basic question was, what are the responsibilities which would come with an N-reg aircraft ownership (I'm a US citizen) and/or are there any "risks" involved which could bite me in the end? He told me that I don't have to worry about any upcoming costs, he will take care of all that. But how about if there is an accident and he (in this case the operator) would be killed? So they would come after me, right?

the aircraft would be legally yours if anything illegal happened or or a claim was made you would be liable , if you owed Someone some money they could come after your assets
the aircraft are your assets

I have had aircraft on trusts like sac and international for 20 years without any problems
it’s cost me (just got my bill yesterday ) 435 usd

why would anyone want to risk their asset or any us citizen want to take risks. If the **** hits the fan they could be jailed

[jmmoric]

jmmoric: I stated that I am a US citizen so I can legally be the owner of a N-registered aircraft outside the US. My question was aiming at the responsibilities which come with an N-reg aircraft ownership? Particularly regarding any possible risks which could come and bite me in the end.

Oh.....

Private flights - residence in Denmark If an aircraft is used for private flights by persons or companies (irrespective of nationality) residing in Denmark, the change of ownership of the aircraft shall normally be registered in Denmark.

https://selvbetjening.trafikstyrelsen.dk/civilluftfart/Dokumenter/English/English%20Forms/Registration%20of%20Aircraft/First%20registration%20or%20re-registration%20in%20the%20Register%20of%20Danish%20Aircraft/Abroad_vejledning.pdf

You can legally be an owner of said aircraft outside the US, but you'd better ask first. Cause you may run into the same "problems" as with a car...

[Asturias56]

You can own it but it doesn't mean you can use it................