The Cape Town Convention and the associated Aircraft Protocol comes into force in the Isle of Man on 1st January 2018.
The aim of the Cape Town Convention is to reduce the cost of raising finance for large, high value mobile assets which routinely cross borders.
In relation to the Isle of Man Aircraft Registry, the main impact of the Convention is the ability of the Registered Owner to request an “Irrevocable De-Registration and Export Request Authorisation” (IDERA) over an eligible aircraft. Once an IDERA is recorded the party that has been declared by the Registered Owner as the “Authorised Party” or a “Certified Designee” will be the only parties with the right to de-register and export the aircraft.
Not all Isle of Man registered aircraft are eligible for the protection offered by the Cape Town Convention. The Convention applies only to:
- Aircraft (other than helicopters) which can carry at least 8 people or goods in excess of 2,750 kilograms.
- Helicopters carrying 5 or more persons.