I'm a Canadian citizen recently moved to California for my job. I cannot change the registration of my aircraft to american since I'm not a US citizen or permanent resident. A couple of american insurance companies refused giving me insurance. A Canadian insurance broker also refused to give me insurance since I'm not a resident of Canada. Can anyone please let me know if you know an insurance broker/company who can help? Or if there is any solution? Appreciate your help.
AOPA said they cannot give me insurance. It seems to be a rule that the american insurance companies cannot insure a Canadian registered aircraft (at least that's what the airpowerinsurance.com told me).
Or may be a C Corporation. I'm researching it. Meanwhile if anyone has more info about C Corp for an aircraft, please share it here or PM me. Thanks.
This is how I did it for my LLC, probably very similar for a C Corp, I'd imagine I wrote this for changing a plane from your own name to your LLCs, so in your case Id imagine it would be from someone else's name to your companies, should still mostly apply. "So print the faa 8050-2 bill of sale and fill it out: Sale price, $1 & OVC Fill out aircraft info Fill out the name of the company it's going to, mailing address up top, physical if different below that And the "Her" "I" "My" and the date on the part below that. Seller is her name, sign, title is owner Now on the carbon 8050-1 that the FAA will mail to you for free Aircraft info Check corporation Name of corp Address of corp, if you use a PO Box fill out the physical address and just add your PO BOX in the PO box colum too Now she signs it (PRINT HER NAME UNDER HER SIGNATURE) all in the signature block Title should be member Date it She needs to send that with a letter she types up, something like this, [see image] be sure to have her N number in the top left corner of the letter, and take a sharpie and write it in the top left corner of the copy of the certificate of formation which gets sent with the letter too. Send all that in with a check for the $5 for the FAA, keep your pink copy of the temp reg (good for 90 days minus international ops), and bobs your uncle. Of course be sure to double check the states tax scheme where she is registering it, some states will try to steal your money through taxes, others are more constitutional." I used these guys to start the company, cheap and easy. https://www.incnow.com
What h out for transferring it to an LLc. Depending on your state, I might very well be a taxable event. Listing a dollar ain't gonna cut it. Thy will use VRef or do a research assss,net on the value and send you th bill. And when it does transfer, FAA sends the into the California Frachise Tax Board in your case. Better call them first before you do anything.
This is very helpful James. I really appreciate it. By the way, I received an insurance offer from my last year broker which I will get it. But I'll try to see if I can do the C Corp because it's going to be cheaper to maintain in long term if I can import the aircraft and register it with an N number.
