New figures analysed by Business Eye CI reveal Jersey’s much-maligned aircraft registry is expected to bring in revenue of just £10.48 a day this year.
The States agreed the concept of an aircraft registry in 2013, and spent £860,801 setting it up.
But, with a successful rival register in the Isle of Man, and another in Guernsey which launched before Jersey’s, the registry struggled from the outset with two aircraft joining it by the end of last year, and that number falling to just one this summer.
New figures show it has brought in revenue of £15,617 since its inception. A previous report revealed it brought in £11,789 to the end of 2106. The difference, £3,828, is the amount received to 1 September 2017, with the States saying it does not expecting that amount to increase before the end of the year.
The Assistant Economic Development Minister Deputy Murray Norton announced earlier this year the government was stopping any more spending on promoting the ailing registry pending a new business model which is yet to be announced.
In comparison, Guernsey’s aircraft registry called 2-Reg has 100 aircraft signed up, specialising in leased planes as well as corporate and small aircraft.
At the time of Jersey’s launch, the then Economic Development Minister Senator Alan Maclean said: “This is an exciting opportunity for Jersey which will form an incredibly strong additional element to our inward investment strategy. Thanks to its business friendly environment, simple and attractive tax framework and world class professional and financial services infrastructure, Jersey already offers a compelling proposition to individuals and companies looking to relocate or expand their businesses. The launch of the Jersey Aircraft Registry will undoubtedly add to Jersey’s overall offering and provide local businesses with significant opportunities, particularly in the fiduciary, legal and financial services arenas.”
Despite the bold talk, it has so-far recouped less than 2% of its costs.
