Norwegian air launches low-tax Ireland branch
Richard Orange - [email protected] •
2 Sep, 2013
Updated Mon 2 Sep 2013 09:17 CEST
Budget airline Norwegian has announced that it is setting up a new management company in low-tax Ireland, which will buy and own the 300 new aircraft it has on order, and then lease them back to the company in Norway.
"Ireland is a mecca for airlines, and most airlines are now established in Ireland for funding purposes," Norwegian's finance director Frode Foss told E24.
The Irish subsidiary will use the US dollar as its currency, protecting the company from the currency swings of the Norwegian Kroner.
The first aircraft to enter the management company is a Boeing 737-800 to be delivered this month.
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