Owning a N-registered as a non US-citizen out the US?
 

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.

General Citizenship Requirement for Registering Aircraft with the FAA Registry
According to 49 U.S.C. 44102, an aircraft is eligible for U.S. Registration if it is not registered in another country and it is
owned by:
 An individual who is a United States citizen,
 An individual citizen of a foreign country lawfully admitted for permanent residence in the U.S.,
 A non‐U.S. citizen corporation organized and doing business under the laws of the U.S. or one of the States as long
as the aircraft is based and primarily used in the U.S. (60% of all flight hours must be from flights starting and ending
within the U.S.)
 The U.S. government;
 A State, the District of Columbia, a territory or possession of the United States or a political subdivision of a State,
territory or possession

Climb150: Thanks! But this dose not answer my question. 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?

Forgive my limited knowledge but ownership infers responsibility for the aircraft. Debts incurred and any legal liabilities would be yours. This makes insurance tricky.