The Tribune

By NEIL HARTNELL Tribune Business Editor DEVELOPING a Bahamian aircraft registry could ultimately lead to spin-offs such as a "maintenance facility equivalent in size to Miami", an attorney yesterday urging: "Now is the time to stop talking and start doing." Suggesting that such an aircraft maintenance facility could transform the economic fortunes of a Family Island such as Andros, should it be developed there, Llewellyn Boyer-Cartwright, told Tribune Business that the Bahamian aviation industry "had never been given its due" in terms of the potential job and growth benefits it offered this nation. Acknowledging that creating a Bahamian aircraft registry had long been talked about, Mr Boyer-Cartwright, a senior associate at Callender's & Co, said that apart from the fee income associated with registered planes, such a facility could lead into spin-offs such as aircraft chartering and leasing; aircraft financing and insurance aviation provisioning; repairs; and avionics technicians. With the $409.5 million Lynden Pindling International Airport (LPIA) redevelopment in full swing, and the Government having obtained a $50 million Inter-American Development Bank (IDB) loan, Mr Boyer-Cartwright said "the time is right" to finally treat the creation of an aircraft registry as "a priority". He noted that such a facility would also place the Bahamas "on a level playing field" with the likes of the Cayman Islands and Aruba, both of whom have existing aircraft registries, and enhance this nation's competitiveness as a 'one-stop product shop' destination for the high net worth clients coveted by the Bahamian financial services industry. Acknowledging that the aircraft registry concept "just hasn't been given priority over the last few years", possibly given that the Government was focused on passing critical financial services legislation, Mr Boyer-Cartwright said: "As great and as important as the financial services industry is, I certainly think aviation in this country has never been given its due, and there is so much the whole industry can offer. "We have to look at it as being just as good as the maritime industry, and certainly it will attract more business to the country in terms of providing more opportunities for Bahamians." Mr Boyer-Cartwright, together with Callender's & Co and its senior partner, Colin Callender, have decided to lead a renewed push to form a Bahamas Aircraft Registry. They believe it could ultimately develop spin-off industries and business opportunities, fuelling job creation and growth via economic diversification. Acknowledging that his interest in the concept had been "sparked" again by the Nassau Airport Development Company's (NAD) LPIA progress, combined with proposed reforms in the aviation sector, Mr Boyer-Cartwright said: "The time is right, and what NAD is doing is just tremendous. "We've been talking for so long, and now is the time to start doing it [an aircraft registry] and give it as much attention as other legislation. We might be surprised to know what other airlines and aircraft companies around the world might find and do, if we were to offer the right tax benefits to attract them to register here." Unable to say why the Bahamas had not moved on an aircraft registry faster, Mr Boyer-Cartwright said the likes of Vincent Vanderpool-Wallace, minister of tourism and aviation; Bahamas Maritime Authority chairman, Ian Fair; and the Bahamas Financial Services Board (BFSB) have all been strong proponents of its development. Noting that both the Cayman Islands and Aruba were able to offer a 'one-stop shop' to high net worth clients via their aircraft registries, both Mr Boyer-Cartwright and his managing partner warned that the Bahamas would continue losing market share unless it established a rival facility. "I sure hope that at least we could be on a level playing field and compete with them," Mr Boyer-Cartwright told Tribune Business. "We have even closer proximity to the US. We have great relationships with the US and Canada. Why not? "Long-term, the potential is big. I'll be that bold. Our maritime industry has given us recognition, why not aviation? I think the potential is huge. It wouldn't happen overnight, but we just need to jump through the hoops and progress, and see how we move forward." A Bahamas Aircraft Registry would link-in well with this nation's recently-established yacht registry, in that both services are sought-after by high net worth owners of such craft. These are the Bahamian financial services industry's core target market, and having both facilities will enable such people to conduct business more easily in one jurisdiction. "If we are unable to meet those needs, we are in effect driving business to competing jurisdictions where they can be accommodated and by doing that we are potentially losing out on real estate transactions, vacation spend, indirect revenue and other investment opportunities. The time has come to stop talking and start doing," Mr Boyer-Cartwright said. Mr Callender was just as blunt: "Discussions of a Bahamas Aircraft Registry have been going on and off for years. The establishment of a registry always seemed to be desirable, but distant. Today, there is a heightened sense of readiness and urgency. "Thus, we at Callenders & Co are willing to take the lead in driving the process for the creation of a Bahamas Aircraft Registry, without which we will continue to lose market share to other jurisdictions like Cayman and Aruba, who are equipped to be one-stop-shops for high net worth individuals, and with which we can diversity the economy, create jobs and potentially create an entirely new industry." An aviation law specialist, and 29-year commercial pilot and instructor, Mr Boyer-Cartwright said that if the Bahamas was to develop an aircraft maintenance facility equivalent in size to Miami on the back of its registry, it could attract commercial passenger aircraft from Central and South America, plus the Caribbean, to come here for annual maintenance checks. Mr Boyer-Cartwright suggested that such a facility could be created on a Family Island, rather than on New Providence, which was already congested and suffering from high land prices. "If you could get that maintenance facility on one of the Family Islands, how fantastic would that be?" Mr Boyer-Cartwright told Tribune Business. "There would be more land space, and not as congested as LPIA. You could expand the airport at Fresh Creek, and there would be spin-offs for workers and businesses. On it goes. "I like Andros, as it's closer to New Providence. Who knows, North and Central Andros could be a new suburb of New Providence if we get a fast ferry service between the two. It could be just as fast as commuting from the east and Old Fort Bay into town. "I foresee a day when the Bahamas becomes a major regional hub for both airlines and general aviation............ opening up hundreds of jobs. Not everyone has to be a banker, lawyer or doctor to succeed. This could transform a Family Island from bust to boom and make it the surprise business story of the next decade." As for the aircraft registry, Mr Boyer-Cartwright said that apart from the owners themselves, aircraft leasing companies and aero engine leasing companies would also have uses for it in terms of registrations and protecting their interests. He added that "one of the first steps" was for the Bahamas to become a signatory to the Cape Town Convention, which governs how aircraft registries are structured and operated. This would "really put us in the forefront with other signatory countries".