Is this the way to San Marino?

The one thing that is consistent about owners of business jets is their inconsistency. No two buyers are the same and this is why it is such a fascinating market.

The same is true with transactions. No deals are identical and it is particularly true with international ones.

One issue that international lenders need to understand is the benefits and risks of different aircraft registries – and each year they need to get acquainted with even more.

After the success of the Isle of Man, many states, principalities and protectorates are keen to establish their own business jet registries. Last week San Marino launched its aircraft registry. In the next few years, about 10 other places have said that they are looking to launch international aircraft registries, with Guernsey hoping to open in 2013.

To stand a chance of competing, all of the aircraft registries need to have a unique selling point. If they succeed this increased choice is good for aircraft buyers. But it makes life harder for advisers and financiers. One senior US banker said he had to find a map to look up where Malta was when a client said they would like to register their aircraft there.

Finding San Marino will be even harder. San Marino is the smallest republic in the world. It covers just over 24 square miles (61 km₂) and is completely surrounded by Italy.

With a population of just 32,000, it is also the smallest country to field an international football (soccer) team. San Marino’s national team has played 177 international football games. It won one of these.

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