The Tribune

A Higgs & Johnson partner addressed proposed upgrades to this nation’s aviation regime at the recent International Business and Finance Summit (IBFS) in Bimini.

Michael FL Allen, an aviation specialist and chairman of the government-appointed steering committee charged with upgrading The Bahamas’ aircraft registry, gave a progress report on efforts to implement the Cape Town Convention.

This includes the preparation of draft legislation, which has been submitted to the Attorney General’s Office, for the accession of The Bahamas to the Convention and completion of a “gap analysis” to identify essential aircraft registry improvements.

Mr Allen also highlighted linkages between aviation and financial services, as he guided attendees through the development and operation of a lease finance investment structure involving international investment and Bahamian financial services products, including investment funds, corporate vehicles and trusts. The presentation gave insight into possible Sharia compliant dimensions to the structure.

Mr Allen, who is also chairman of the Air Transport Advisory Board, said: “The Bahamas is on track to position itself to attract first-class aviation operators, high net-worth individuals, heads of state, multinational corporations, commercial operators and others wishing to take advantage of a premier aircraft registry operated in a favourable jurisdiction”.