Venha voar conosco: Aspectos legais e fiscaisAspectos ... · Venha voar conosco: Aspectos legais e...
Transcript of Venha voar conosco: Aspectos legais e fiscaisAspectos ... · Venha voar conosco: Aspectos legais e...
Venha voar conosco:Venha voar conosco:
Aspectos legais e fiscaisAspectos legais e fiscais da aviação executivada aviação executiva na região: na região: comocomo os proprietáriosos proprietários e locadorese locadores podem se beneficiarpodem se beneficiar
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Lincoln D. Gomez LL.M.
Come fly with us:(us=Aruba)
Legal and fiscal aspects of business aviation in the region: How owners and lessors can benefit
Lincoln D. Gomez, LL.M., LL.M.
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AIRCRAFT AND ENGINES MUST BE FINANCED
� Aircraft may run up to $150 million
� Engines may run up to $20 million
� Different players: (i) Manufacturer/Seller; (ii) Owner/Buyer/Lessor of aircraft; (iii)Bank; (iv) airline operator/sublessor; and (v) security trustee
� Manufactures needs to get paid
� Owner/Lessor needs security interests in airplanes and engines(Mortgages and pledges, etc.)
� Operator wants to fly
� Security wants to be able to enforce and serve the note
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EXISTING PROBLEMS INAIRCRAFT/ENGINES FINANCING
� Security interests in engines are not recognized in other states
� Legal insecurity: economic risk as aircraft/engine is arrested abroad
� Makes leasing unnecessarily more expensive
� High interest to pay to lessor/financier $$
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PROBLEMS OLD CONVENTIONS
� Chicago Convention 1944
� Convention on the International Recognition of Rights in Aircraft Convention ofGeneva, 1948
� Valid in many states, but it only provides under very specific circumstances a verylimited solution
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NEW CONVENTION SOLVES THE PROBLEMSTHE CAPE TOWN CONVENTION (2001)
� The convention on international interests in mobile equipment (CIME)
� The aircraft equipment protocol (AEP)
� Other future protocols : trains, satellites, ships, containers, oil platforms
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THE PURPOSE OF THE CIME/AEP
� It becomes easier and cheaper for the airlines and other operators to acquiremodern and safe aircraft equipment
� The CIME/AEP is designed to keep the interests of both the financiers and theairlines in mind
� It reduces the financing costs of aircraft by billions of dollars per year at globallevel
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THE APPLICATION OF THE CIME/AEP
� The CIME/AEP establishes an ‘international interest’ (national security interests inaircraft equipment)
� The serial number of the aircraft frame or engine is entered into the InternationalRegistry in Ireland to make it known to the rest of the world; 24/7 and cheap
� It secures the rights of financiers and lessors
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ARUBA AS A SIGANTORY TO THE CIME/AEP
� Kingdom of the Netherlands has accepted the CIME/AEP on May 17th, 2010, forAruba
� Entered into force on September 1st, 2010
� Pet project of Gomez & Bikker Aviation Finance Practice Group
� Further customization of Aruba aviation finance laws to the needs of the industry
� Strong pro owner/lessor regime through declarations made
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THE OTHERS…….
� ARUBA VIS-À-VIS BERMUDA, Caymans, Channel Islands and other competitors
� They cannot independently accept Cape Town Convention; they must wait for theU.K. to do so first
� Aruba has a unique competitive position
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ADVANTAGES FOR ARUBA
� Aruba is strong in region of the Americas and in the global off-shore financingindustry
� Cape Town Convention creates legal certainty/less economic risk for financiers
� It is proven that today the financiers and lessors require that aircraft that areoperated in other states are registered and financed in Cape Town states
� Many foreign operated aircraft are already registered and financed in Aruba
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TAXATION
� Fiscal reform per January 1st, 2006
� Aruba introduces fiscal transparency
� Aruba Financial Center involved in fiscal reform & made sure that aviation financeindustry was safeguarded in this process
� To protect existing structures and to promote future structures
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TAXATION: CHECK THE BOX
� Aruba SPV has 30 days for incorporation to elect fiscal transparency vis-à-vis taxauthorities
� Aruba SPV has 30 days for incorporation to elect non-resident status vis-à-visCentral Bank of Aruba
� Upon this election and compliance of other requirements the Aruba SPV in Arubawill not be subject to: (i) corporate income tax; (ii) turn-over (sales) tax; (iii)dividend tax; and (iv) withholding tax on interest, royalty, technical service andlease payments
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BENEFITS FOR OWNERS
� Civil law country with modern aviation finance oriented legislation
� Cape Town declarations crafted for protection of owners & lessors
� ICAO Category I
� Tax neutrality
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Cape Town in the (L) America
• Chile
• Colombia
• Cuba
• Mexico
• Panama
Brazil = pending
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100%
HoldingCo
Brazil
Aruba
Lease
Lessee
(or sublessor)
OwnerCo/Lessor
NOSSAS PRAIAS SÃO MUITO LEGAIS TAMBÉM! ...VENHA VISITAR-NOS EM BREVE
…….www.aruba.com
THANK YOU…
Lincoln D. Gomez
www.gobiklaw.com
www.lincolngomez.com
http://www.linkedin.com/in/lincolngomez
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