My client is Buying A Private Jet Now What?
16 April, 2021
“We`ve witnessed the single greatest wealth creation event of our lifetimes,” announced Paul Jebely, managing partner, Pillsbury, Winthrop, Shaw, Pittman Law (pictured at the bottom of this article), at Quaynote`s recent online conference, The Future for Superyachts, Business Jets and Luxury Property. “And apparently, there was a global pandemic,” he adds.
Whether it is individuals who have achieved new levels of wealth and now feel financially comfortable buying a business jet or superyacht for the first time, or those who desire the expediency and safety of travelling by private jet or isolating on a yacht during and after the COVID pandemic, there is now an array of new entrants in both markets and more cross-over than ever before.
So, if your ultra high net worth principal or client tells you they are thinking of buying a private jet for the first time, how can you assist them? Maybe you have already guided them in purchasing a superyacht but acquiring a business jet entails unique set of challenges and pitfalls that you and your client must successfully navigate.
Fortunately, help is at hand. We assembled a unique panel of international experts at The Future for Superyachts, Business Jets and Luxury Property who steered us through the process of buying a jet, from determining budget and whether ownership the right solution generally, to finance (and leasing) options, to aircraft operation, (re-) configuration, maintenance and preservation – and a great deal in between.
Before embarking on this journey however, how can you determine whether aircraft ownership is right for your client? Owning a jet is an expensive business, as we will see later on, so you and your client should consider carefully whether the benefits of ownership outweigh the costs. “Owning a business jet makes sense when you travel a lot, say 200-300 hours per year,” states Alexandra Asche (pictured below), European sales director at Global Jet Capital (Switzerland). If the client is travelling less than this, then it might make sense financially to look at other options like chartering a plane, rather than ownership.
You can read the full article here: https://www.onboardonline.com/superyacht-news/financing/my-client-is-buying-a-private-jet-now-what/