A number of IFCs have aviation registries; Jersey launched such an offering earlier this month and initial indications suggest strong take-off potential, a local organisation says.

An increase in the number of high net worth individuals moving to Jersey bodes well for a recently-launched aviation registry set up in the island earlier in November, according to the Locate Jersey organisation.

As at the end of October, some 16 licences had been approved by Jersey’s government; in 2014, 20 residency licenses were granted, an increase on the five-year average of 10 per year.

A number of international financial centres have aircraft and ship registries aimed at high and ultra-high net worth individuals, as these jurisdictions battle for market share. The Isle of Man, Malta and Guernsey, among others, have such offerings. At the same time, the business of advising clients around how and where to hold these high-value items is a niche area for wealth management, but potentially an important value-add item. This publication interviewed an expert at B Capital, the European private investment office, here.

The first registration on Jersey’s aircraft registry was a new private jet, a Cessna Citation Cj4, which belongs to a recently relocated high value resident. Prior to the registry opening, other enquiries were also received from potential clients interested in having the new ZJ prefix for their aircraft, Locate Jersey said.

“We are currently seeing a rise in the number of younger, internationally mobile individuals and families choosing to relocate. For them, having access to an aircraft registry, alongside Jersey’s existing yacht registry, is a real attraction, and that is being confirmed in the conversations we are having,” Kevin Lemasney, director of high value residency at Locate Jersey, said.

Applications to relocate to Jersey are open to individuals whose worldwide income exceeds £625,000 ($944,648) per annum. Jersey operates a tiered rate of tax on personal worldwide income, including paying 20 per cent on the first £625,000 of income and 1 per cent on the rest, as well as 20 per cent on income derived from Jersey property.