EBACE Day 2 - 21st May

Business Aviation Will No Longer Be Neglected, EC Official Says During today’s EBACE opening session, European Commission director for air transport Daniel Calleja pledged more “proportionate” rules for business aviation in the future, acknowledging that this segment of air transport has “too often been neglected in the past.” According to Calleja, “The EC this year is launching key initiatives to make aviation more efficient, safer and environmentally sustainable.” He recognized the importance of general and business aviation, stating, “Almost one-fifth of Eurocontrol aircraft movements and two-thirds of EASA type certificates are for general or business aviation.” The EC thinks aviation needs “better,” as opposed to more, regulation, Calleja asserted. He promised the EC would make sure future safety regulations apply to business aircraft in a proportionate way. Another challenge Calleja sees concerns the international nature of the industry. “We want a level playing field,” he said, a sentiment echoed by NBAA president and CEO Ed Bolen. “The U.S. requires a 10-day notice for business flights from Europe. Yet, when we [Americans] face similar requirements in emerging countries, we find it unacceptable,” Bolen said. “We need to get our house in order.” Record EBACE Attendance Total Continues to Climb May 21, 2008 The record-setting attendance total for the 8th Annual European Business Aviation Convention & Exhibition (EBACE2008) continues its climb. By noon on the second day of the show, EBACE2008 had registered 13,137 Attendees. That was an increase over the first-day count of 12,483 Attendees, which was higher than the total attendance for any previous year's show. EBACE2008 has shattered other previous records, with more than 440 Exhibitors, an all-time high, displaying the latest products and services across a total of 1,958 booth spaces, a 38 percent increase over last year. The Static Display of Aircraft on Geneva International Airport also has a highest-ever total of 60 state-of-the-art business aircraft and three aircraft mock-ups. For the latest EBACE2008 news, podcasts, photos, presentations and more, visit www.ebace.aero/. And don't forget anyone wanting to discuss operating and managing Business Jets from Malta can call for an appointment.

EBACE Day 1 - 20 May 08

EBACE2008 Concludes First Day With Record-Setting Attendance May 20, 2008 The first day of the 8th Annual European Business Aviation Convention & Exhibition (EBACE2008) closed with an attendance level higher than any overall, three-day attendance total for any previous year's show. EBACE2008 had 12,483 Attendees registered by the end of the day, a 10 percent increase in Attendees for the entirety of last year's EBACE event. EBACE2008 has shattered other previous records, with more than 440 Exhibitors, an all-time high, displaying the latest products and services across a total of 1,958 booth spaces, a 38 percent increase over last year. The Static Display of Aircraft on Geneva International Airport also has a highest-ever total of 60 state-of-the-art business aircraft and three aircraft mock-ups. For the latest EBACE2008 news, podcasts, photos, presentations and more, visit www.ebace.aero/news.

Embraer extends business jet Lineage at EBACE Embraer has unveiled the latest addition to its executive jet family. The Lineage 1000 is an ultra-large business jet derivative of the Embraer 190.

LHT adds finishing touches to CL850 Lufthansa Technik is in the final stage of completing the first Bombardier Challenger 850 executive jet interior installation. The aircraft - one of 17 scheduled for completion over three years, and one of five at LHT's facility - is due for delivery this summer. LHT was named a completion centre for the CL850 at last year's EBACE and the first aircraft arrived in Hamburg in September 2005. The aircraft has a range of 2,095nm, with a high speed cruise of Mach 0.80.

Ebace 20 - 22 May - Geneva

Europe’s leading companies continue to find the competitive advantage that is gained through the use of Business Aviation, Europe’s engine for growth. European companies are prospering as their employees overcome distances between various locations throughout Europe (and the world), save time in congested airports, maintain security and optimize their time when they must travel to grow business. EBACE2008, in Geneva May 20, 21, 22, is the flagship forum for the European business aviation community to find products and services from the world’s top vendors. Also at EBACE, the European regulators and government officials who make decisions that directly affect business aviation operations in Europe and around the world meet face to face with the companies who are using aviation to facilitate their business. EXHIBIT/SHOW HOURS: TUESDAY, MAY 20 10h00 – 18h00 Exhibits in Halls 5, 6 and 7, and Static Display of Aircraft Open WEDNESDAY, MAY 21 09h00 – 17h00 Exhibits in Halls 5, 6 and 7, and Static Display of Aircraft Open THURSDAY, MAY 22 Exhibits in Halls 5, 6 and 7 Open 09h00 – 16h00 Static Display of Aircraft Open 09h00 – 15h00 We will be at EBACE from the 20th to the 22nd May, anyone who would like to meet to discuss, future trips to Malta, the potential of the Maltese register and AOC, feel free to drop me a line. In the meantime I will try to post some notes on my experiences at the show, while in Geneva.

EBACE 20 - 22 May Geneva, Switzerland

EBACE is the most important European business aviation event, and is held every year in Geneva, Switzerland. The event is set in an extensive exhibition space with stands for all the major international partners in business aviation in ‘Geneva PALEXPO’, located right next to Geneva international airport. In addition, an extensive open-air exhibition is also mounted on airport land. On the fringes of EBACE, numerous briefings, press conferences and workshops are also held in the adjoining conference facilities. EBACE 2008 – the place to be for anyone interested in this extremely fast-growing aviation sector – will be held this year from Tuesday 20 to Thursday 22 May. As in previous years, we will be visting at the fair.

EBACE can thus be regarded as a key European contact point for the ever-growing business aviation activities. We find that EBACE is a very good place to meet new potential customers, operators and get a better feel of concerns and upcoming buzz in this market. One can find more info at www.ebace.aero.

Any one interested in a one to one meeting on the advantages of operating, registering and managing a business jet from Malta is welcome to set an appointment. Simply drop us an e-mail on info@sierra-aviation.com.

GAMA RELEASES FIRST QUARTER SHIPMENTS

Yesterday, the General Aviation Manufacturers Association (GAMA) announced first quarter shipment and billings figures. Total industry billings were up 16.1 percent to $5.3 billion, an all-time high for the first quarter, while total shipments were down by 7.5 percent."This past quarter's overall industry billings remain impressive, with the turbine segments showing dramatic increases. The trend of increasing market share occurring outside of North America continues for most manufacturers. It is apparent, however, that current uncertainty in the U.S. economy is having an affect on some of the offerings in the piston spectrum of aircraft,” said Pete Bunce, GAMA president and CEO. “Last year, 67 percent of piston deliveries were to the North American market, making this segment the most susceptible to softness in the U.S. economy. However, as worldwide markets continue to expand, we see more capability to insulate manufacturers from the economic dynamics of any one specific region."Piston-powered airplane shipments totaled 399 units compared to 554 units delivered in the first quarter of 2007, a 28.0 percent decrease. Turboprop shipments increased from 79 units in the first quarter last year to 85 units in 2008. Business jet shipments totaled 297 units in the first quarter of 2008, a remarkable 40.8 percent increase over the 211 units delivered in the first quarter of 2007. FIRST QUARTER SHIPMENTS OF AIRPLANES MANUFACTURED WORLDWIDE

Aircraft Category	2007	2008	CHANGE
Pistons	554	399	-28.0%
Turboprops	79	85	+7.6%
Business Jets	211	297	+40.8%
Total Shipments	844	781	-7.5%

GAMA is an international trade association headquartered in Washington, DC representing over 60 of the world's leading manufacturers of general aviation aircraft, engines, avionics and related equipment. GAMA's members also operate fleets of aircraft, fixed based operations, and pilot training and maintenance training facilities. For additional information, visit GAMA’s website at http://www.gama.aero/.

Tax Implications in Biz Aviation

Malta is not yet synonymous with business aviation, but the business aviation industry my well look a little deeper in what this tiny island in the middle of the Mediterranean has to offer, other than the great weather and historical places. Over the years Malta made a name for itself as a low tax country, first by offering offshore legislation as far back as 1988 and of late, since Malta became a full member of the European Union, by offering a unique infrastructure whereby international trading companies can benefit from unique fiscal framework within the European Union. As airports become more congested and successful businesses experience growth and offer their services to a global audience, the more business aviation will increase. In a recent EU publication it was estimated that since 2002 the business and general aviation rate of increase was almost twice as high as that of scheduled airlines, percentage wise. In spite of the current air of economic doom and gloom, which invaribly will effect economic growth and business profitability, there is a school of thought that maintains that the current airline woes will just make business aviation more attractive, especially with the advent of VLJ's which make the service more affordable to a wider spectrum of businesses and individuals. With this growth in utilisation of business aircraft, the industry has started to attract greater attention from regulatory institutions, but also the more knowledgable end user, business traveler, is strating to frown upon the so called low-tax operations in so called flag of convenience countries. This is where Malta is in a league of its own. Malta was the first country to adopt JAR-OPS as its legislation, and today offers, JAR-OPS 1 Air Operating Certificates, soon EU OPS 1, as EASA takes over from JAA, thus Malta is no flag of convenience, but has a respected aviation authority within the European framework. The trade secret is that the Maltese government has legislated fiscal laws acceptable to the European Union, but not just, as Malta has in excess of 50 double taxation treaties, whereby one can have a tax effecient(low tax) infrastracture, not considered as tax evasive by the European Union. In essence non resident shareholders, individuals or organisations who setup a Maltese company for trading internationally, although the company is taxed at 35% on its pofits, on decleration of dividends, the non resident shareholders are refunded 6/7 of the tax paid. There are various scenarios possible of how one, whether an operator, an owner, a broker, a management organisation can benefit from the Maltese formula. We have put together a team of consultants with various expertise from airworthiness to financing, from legal to tax advise for individuals or organisations who want to investigate these opportunities further. A tax efficient infrastructure, does not neccessarily mean a Maltese Operating certificate, there various scenarios available which would allow an organsation to maintain its current AOC and country of register yet still benefit from the Maltese fiscal incentives. As oil prices and labour cost continue to increase, a tax efficient infrastructure could give an operation the competitive edge or a business the opportunity to become more efficient and own a business jet.