Can Becoming An International Aircraft Registry Diversify the Bahamian Economy
Posted by Errol Bodie
on Aug 2, 2012
Nassau, Bahamas - ESTABLISHING a Bahamian international aircraft registry could become a viable pillar to the Bahamian economy, an aviation legal expert told the members and guests of Rotary Club of Nassau Sunrise Thursday 2 August 2012 at their regular weekly meeting. He estimates that the swift introduction of a such a registry could bring potential millions into the Bahamian government's coffers as well as create diverse jobs and potentially create an entirely new industry by targeting high net work individuals to register their aircraft in the Bahamas.
Llewellyn Boyer-Cartwright, a Callenders & Co senior associate and first Bahamian admitted to the Lawyer Pilots Bar Association, added that jurisdictions like Cayman, Aruba, Isle of Man and Bermuda were successful avaition registries that attract high net worth individuals. He noted that Bermuda alone has on its register approximately 650 aircrafts amounting to nearly $17mil annually in government revenue.
Mr Boyer-Cartwright joined Bahamasair at 19 and went on to certify on commercial aircrafts such as the Boeing 727 and 737 before turning his attention to the legal side of the industry. He credits his love for the industry to his flight on a trip to Canada as a young man and now enjoys it from a another perspective as an accomplished lawyer.
To establish an international aircraft registry, Mr Boyer-Cartwright noted that the Bahamas would need to sign the Cape Town Treaty such done by the previously mentioned jurisdictions. He added that we are already recognized for our shipping registry thus allowing individuals to register their yachts and private plans at a one stop shop. Building on this, he suggested that we could also become a renown international aircraft maintenance centre for many of the top aircraft operators and airline that frequent our shores.
Mr Boyer-Cartwright strongly believes that the Bahamas is well poised to diversifying its economy and has spoken to government and at various events and function as an advocate and professional in the industry. "We can become one of the top centres in the world for financing, leasing, servicing, charter, training and all the ancillary services,” noted the speaker. He also noted that islands such as Andros could gain a boost in its local economy by becoming a maintenance center similar to the ship yard on Grand Bahama that has added thousands of jobs that that island's economy. He notes that while tourism and banking has served the Bahamas well, we need to consider a third industry that is gaining much focus worldwide.
Mr Boyer-Cartwright joined Bahamasair at 19 and went on to certify on commercial aircrafts such as the Boeing 727 and 737 before turning his attention to the legal side of the industry. He credits his love for the industry to his flight on a trip to Canada as a young man and now enjoys it from a another perspective as an accomplished lawyer.
To establish an international aircraft registry, Mr Boyer-Cartwright noted that the Bahamas would need to sign the Cape Town Treaty such done by the previously mentioned jurisdictions. He added that we are already recognized for our shipping registry thus allowing individuals to register their yachts and private plans at a one stop shop. Building on this, he suggested that we could also become a renown international aircraft maintenance centre for many of the top aircraft operators and airline that frequent our shores.
Mr Boyer-Cartwright strongly believes that the Bahamas is well poised to diversifying its economy and has spoken to government and at various events and function as an advocate and professional in the industry. "We can become one of the top centres in the world for financing, leasing, servicing, charter, training and all the ancillary services,” noted the speaker. He also noted that islands such as Andros could gain a boost in its local economy by becoming a maintenance center similar to the ship yard on Grand Bahama that has added thousands of jobs that that island's economy. He notes that while tourism and banking has served the Bahamas well, we need to consider a third industry that is gaining much focus worldwide.