Cayman Islands cuts aircraft registration fees

The Civil Aviation Authority of the Cayman Islands (CAACI) and the Cayman Islands Government are significantly cutting the fees that aircraft owners need to pay to register a mortgage bringing them closer to rival registries.

Owners of aircraft that are being registered in the Caymans could now save as much as US$24,000.

“The Aviation Authority deserves credit for listening to its customers,” says Joannah Bodden Small, a partner at law firm Maples and Calder in the Cayman Islands. “It is great news for aircraft owners who want to benefit from the advantages of Cayman registration”.

Until now the fee has been 0.1% of the aircraft mortgage up to a maximum fee of US$30,488(CI$25,000). The authority has now created four bands, based on the sum secured by the mortgage, going from US$1,524 to US$6,098.

This is still more expensive than some other popular aircraft registration locations – The Isle of Man charges just £210 (US$330) to register a mortgage, for example. But it does mean that Cayman Islands mortgage registration fees are now closer to competitor jurisdictions. 

“The CAACI has always been very selective and this is not part of a plan to take business from others. It is about being competitive but not a free-for-all,” says Bodden Small. “People know that if an aircraft comes off the Cayman register it has been inspected regularly and was subject to the highest of standards and that choosing to register with the CAACI is therefore a good investment.”New Cayman Islands aircraft register mortgage fees

 Civil Aviation Authority of the Cayman Islands new aircraft mortgage fees