Aircraft Ownership Transparency Act of 2023
If passed, HB 2563 would significantly impact current practices regarding aircraft registration by enforcing stricter requirements on the information needed to be submitted. This could create additional compliance burdens for foreign entities wishing to own or operate aircraft in the U.S., as they would now need to reveal their ownership structures and any beneficial owners. The legislation is expected to improve national security and mitigate risks associated with unaccounted foreign ownership in the aviation sector.
House Bill 2563, known as the Aircraft Ownership Transparency Act of 2023, aims to require the disclosure of beneficial ownership by foreign individuals or entities owning aircraft in the United States. The bill mandates that before a certificate of registration for an aircraft is approved, the Federal Aviation Administration (FAA) must obtain detailed information about the beneficial owners, including their names, addresses, nationality, and associated details about the aircraft. This law seeks to enhance transparency in aircraft ownership and to ensure that the identities of foreign individuals controlling aircraft in the U.S. are recorded and monitored.
Some points of contention regarding HB 2563 may arise from concerns about privacy and the implications of requiring detailed disclosure from foreign persons. Opponents might argue that such requirements could dissuade foreign investment in U.S. aviation or create biases against foreign ownership based solely on nationality. Additionally, discussions may center around the practicality and feasibility of enforcing such regulations and the potential for administrative burdens on the FAA as well as on foreign entities attempting to comply with the new disclosure requirements.