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Cryptocurrency – Bitcoin, Ethereum, Ripple, among others – seems to be driving the plane in Financial Technology (FinTech) development these days, making many of us curious, confused, and wary. What is it? What are the benefits and risks? How and where can it be used? Is the use of cryptocurrency going to improve access and…
The goal of any good government is to protect the population. Most safety and maintenance requirements that governments create, therefore, are designed to protect the masses. Furthermore, many registries around the globe have limited financial resources and limited manpower. For these reasons, safety and maintenance requirements tend to focus on the aircraft that transport the…
FOR IMMEDIATE RELEASE OKLAHOMA CITY, Okla. – Sept. 25, 2018 Aircraft Guaranty Corporation (AGC), one of the most well respected trustee service providers in the aviation industry, is pleased to announce their strategic partnership with Wingform.com, aircraft sales industry experts behind the software catering to the buying and selling of aircraft, in collaboration with Bird…
It’s not uncommon nor is it illegal for an owner to set up an LLC to hold the title to an aircraft. In general – and not only for aircraft owners – the taxing structure in Delaware is one of the most favorable for small businesses and LLCs. Delaware is known as a very entrepreneur-friendly…
There’s no reason to try to “get around” to registering an aircraft in trust. Owners sometimes think there are reasons, either financial or personal, why they shouldn’t set up a short-term trust for their newly-purchased aircraft. Let’s look at one scenario to understand the severity of what might happen: A foreign buyer needed to register…
Our customers often share their flying experiences with us. Wilhelm Heinz is one such customer, who flies both professionally and for pleasure. This month get to know Wilhelm and his love for flying. 1. Tell us about your aircraft and how long you’ve owned it. My P-51D Mustang, LOUISIANA KID, was purchased in Baton Rouge,…
Know Your Customer (KYC) is the term used by businesses in which they verify the identity of prospective customers to determine if the client is someone with whom they should be doing business. KYC laws were introduced as part of the Patriot Act that was passed after 9/11. Title III of the Patriot Act requires…
Aircraft trusts are an acceptable means for registering aircraft in the United States. What was initially set up to assist the commercial aviation industry is now also used by private aircraft owners to obtain US registration. The Civil Aeronautics Act of 1938 states that the owner of an aircraft is the person who holds the…
When a US-registered aircraft sale is “closed,” its existing registration becomes invalid and the plane must be reregistered by its new owner. There’s a problem when a new owner does not meet the qualifications to register the aircraft in their own name. An aircraft must be registered, and we know that the FAA has stringent…
Aircraft, like many other assets, may be owned in trust by a third party on behalf of another in the United States. These are known as owner trusts, and they have been used for legitimate business purposes for 40 years in US aviation. Owner trusts were originally developed to support the sale of aircraft by…
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