According to the 14 CFR Section 47.3, all the aircraft of the U.S. require to be registered. The registration process of the airplanes is controlled by the FAA. Abiding by the set of rules and regulation of the FAA, the airplane can be registered successfully under it. Often, the voting trust helps in the registration process.
As per the FAA, there are certain limitations of aircraft registration in the U.S. The 14 CFR Section 47.3 allows an aircraft to be registered under the FAA when:
- The aircraft is not registered under the laws of a foreign country.
- It is owned by a citizen of the U.S.
- It is owned by a foreign citizen but lawfully has permanent citizenship in the U.S.
- Owned by a business that is organized and controlled under the laws of the U.S. and it is primarily used here.
Now, what do you understand by the term ‘citizen of the U.S.’? According to the common belief, the aircraft has to be owned by a citizen of the U.S. This is a fact, but the business or LLC may not own the aircraft as a citizen of the U.S. An individual who is a citizen of the U.S. or one of its possessions, the partners of a partnership, each of which is a citizen of the U.S. and a corporation associated with the laws of the U.S. or any of a possession of the U.S. where the president and two-third of the board of directors are citizens o the U.S. are eligible for aircraft registration under the FAA.
The 14 CFR Section 47.3 incorporates the requirements of the voting trust. Here the applicant must submit the below mentioned documents for a successful registration:
- Original copy of the voting trust agreement that is to identify the voting interest of the applicant. This must be binding on the voting trustee, the corporation of the applicant, the foreign stockholders and the other parties involved in the transaction.
- The affidavit copy executed by all people designated as voting trustee. Here, each of the affiants has to abide by the set of rules.
1. Each of the voting trustees is the citizen of the U.S. as referred to 49 U.S.C. 40102 (a) (15).
2. Every voting trustee was not a director, officer, employee, attorney or agent or a potential one to any other party of the trust agreement.
3. The voting trustee is not a beneficiary, debtor, creditor, supplier or contractor of the other parties.
4. Anything that can influence the process of the voting trust agreement is not something with which the voting trustee is associated.
For more information relating to airplane registration under the FAA and its associated processes, you are welcome to consult with us at Aviation Trust Company. We have an experienced team to help you in any circumstances pertaining to aircraft ownership in the U.S.