The Isle of Man Aircraft Registry continues to grow after seven years of operation, with almost 500 private aircraft around the world now sporting the M-registration.

Recent geopolitical tensions involving Russia have fueled interest further in the registry, with lawyers advising Russian clients to distance their assets from that country and banks reluctant to finance assets that could be confiscated. “The aim is to take out the Russian risk,” said Mark Bisset of Clyde & Co., speaking at the fourth annual Isle of Man Aviation Conference last week.

Another facet of the registry’s popularity is that it allows single-aircraft special-purpose companies to be recognized for UK VAT purposes, which the UK itself does not. The Isle of Man is part of the British Isles but is not part of the UK or the European Union.

Mark Byrne, director of the ICM Group, which organized the event, said the Isle of Man registry continues to be successful despite attempts by other registries to emulate it.