Satisfy Your Legal And Tax Requirements With Aircraft Owner Trustee Services

Posted by Amstrow on April 30th, 2019

Are you aware of the growth in popularity of general aviation as a pastime activity? As an aircraft owner, you should have an understanding of FAA registration process. In the case of foreign citizens, it is not possible to have aircraft ownership. However, if you are still interested in getting your registration done as per FAA specifications, then you should go ahead and establish a trust.

Develop an understanding

The objective of a trust is to provide ownership of the airplane to a trustee. However, the trustee must be able to meet FAA requirements. The owner of the aircraft lies with the trust on behalf of the true owner. In this case, the true owner is also called a trustor. The concept of owner trusts had been in use for quite some time, and they are still prevalent for conducting legitimate transactions in the aviation industry. There are numerous benefits associated with the registration of an aircraft in trust.

• Avenues open for non-citizens

There are quite a few individuals who have foreign citizenship, but they may reside in the US due to work commitment or other personal obligations. You will not be able to register your private aircraft with the FAA if you do not have US citizenship or permanent residency. It is through a trust that you will be able to operate a plane after meeting the FAA regulations. In case of winding up of the trust take the help of liquidation services to put a stop to legal actions.

• Frequent fliers

Some individuals may have their primary residence outside the US. Under no circumstances, they are interested in applying for US citizenship, but since they have properties in this part of the globe, they pay a visit to their property once in a while. When they visit they operate their plane and it becomes possible due to FAA registration. Aircraft Owner Trustee Services will help you in acquiring an aircraft registered with the FAA.

• Difficulty in the home country

Registration requirements with the FAA are pretty straightforward. They are renowned for their support to the aviation sector. There are some nations which are easy on the commercial airliners but have stringent regulations for private airlines. That is why private aircraft owners belonging to other countries may opt for registration with the FAA. So the creation of a trust becomes a viable option in these situations.

• Foreign manufacturers

Keep in mind that not all airliners are being manufactured in the US. If the foreign manufacturers need to make a demonstration in the US market, then they will not be able to do so unless the aircraft is registered in trust. In certain occasions, short term trusts are created for the maintenance of a plane which is meant to be exported to another country.

Invest adequate time in decision making

You should choose a firm which offers advice in the field of aviation after a great deal of thought. They should have a team of specialists with several years of experience. It is a wise idea to research thoroughly before taking the final decision. Get in touch with them to know about the availability of various courses of action.