Fractional Jet Ownership
Being a fractional owner in a jet, means that you own time or miles on a private jet, making you an owner, although not a full owner. The cost of buying or renting a jet can be high. For this reason, we see both individuals and corporations going in with other individuals or corporations in buying a portion of a plane's services, thus becoming a fractional owner. To help you understand this concept better, we have pulled some common questions together.
If you are going to use the services of a private jet, you obviously want the best amenities for the money possible. The type and level of amenities would depend largely on the type of jet. However, most private jets come with data pots, private restrooms, telephones, 110V outlets, information systems, and simply snacks and drinks, although full catering is available in some instances at an additional cost.
Although many people fly into larger airports, sometimes there is need to land in a smaller town with a smaller airport. In most cases, again depending on the particular jet, private planes will land even in small airports.
In addition to the cost of the service, fuel, and pilot, you may be charged for the pilot's ground time and meals. Typically, the hourly rate you pay would include landing plus 12 minutes on the ground for taxiing and takeoff. When hiring a pilot, make sure you understand his/her fees for runway time/meals.
Usually, baggage is not a problem but some jets do offer more capacity than other jets. For instance, a CJ1 has 59 cubic feet dedicated to baggage while the Bravo has 74.
When using a private jet, anyone can fly as long as they are on the approved list.
Even if you have a fractional jet card, meaning you own time or miles on a jet, you would not be required to travel with strangers who also have a fractional jet card.
When buying or renting a jet, you need to work with a qualified representative who will take all the pertinent factors and determine the right jet. This way, you have the level of travel you want/need but without paying extra for unused space or amenities.
Today, you have literally hundreds and hundreds of options. Again, to determine the best type of jet, you need to work with a professional who can provide the right guidance.
When looking for a private jet, we suggest you go with one that is RVSM compliant, meaning it meets or exceeds strict FAA standards for safety and performance.
Most importantly in addition with the condition of the plane is the experience level of the pilot. Unless you fly your own jet, you need to choose a pilot that has no less than 7,700 flying hours. Typically, this level of pilot would be around 45 years of age.