November 25, 2020

Volkswagen re-registers Cayman Islands planes in Germany

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RECORDER REPORT NOV 13TH, 2017

From Business Recorder

Volkswagen has re-registered in Germany six company jets that were previously registered in the , a company spokesman said on Sunday, confirming an article in Germany’s Welt am Sonntag newspaper. The spokesman said the move was sparked by new EU regulations stipulating that aircraft must be governed by the authority of the territory where the planes are stationed. Volkswagen had previously denied that the planes were registered in the Cayman Islands for tax-avoidance reasons, saying it was simply a matter of less bureaucracy.

Europe’s biggest carmaker used to have an for executives’ use but sold it in the wake of the 2015 dieselgate crisis – which has cost it around $30 billion so far – as a signal of cutting back on an ostentatious corporate lifestyle. Volkswagen now has a total of nine company jets, seven of which were registered in the Cayman Islands. The seventh of those is due to be sold, the spokesman said.

For more on this story go to: https://fp.brecorder.com/2017/11/20171113234627/

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