Interview: Jahid Fazal-Karim, Jetcraft – private aviation is taking off

Jahid Fazal-Karim, owner of aviation specialist Jetcraft, talks to Chris Carter about where the industry is heading next.

Global 7500 jet on the tarmac
(Image credit: Jetcraft)

Chancellor Rachel Reeves is rowing back on her plans, announced in the Budget in October, to crack down on non-doms. She was faced last week with the uncomfortable revelation that a net 10,800 millionaires left Britain last year – a 157% rise from 2023. Most of those tax exiles are heading for Italy and Switzerland, according to the data compiled by New World Wealth, an analytics firm, and investment migration advisers Henley & Partners. 

One man who won’t be surprised is Jahid Fazal-Karim, the owner and chairman of private aviation specialist Jetcraft. He has been watching them leave, he tells me over lunch in Marylebone, close to Jetcraft’s head office, a couple of weeks after the Budget. “I know a lot of clients who were on that [non-dom tax] regime, they’re going to leave,” says Fazal-Karim. 

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Chris Carter
Wealth Editor, MoneyWeek

Chris Carter spent three glorious years reading English literature on the beautiful Welsh coast at Aberystwyth University. Graduating in 2005, he left for the University of York to specialise in Renaissance literature for his MA, before returning to his native Twickenham, in southwest London. He joined a Richmond-based recruitment company, where he worked with several clients, including the Queen’s bank, Coutts, as well as the super luxury, Dorchester-owned Coworth Park country house hotel, near Ascot in Berkshire.

Then, in 2011, Chris joined MoneyWeek. Initially working as part of the website production team, Chris soon rose to the lofty heights of wealth editor, overseeing MoneyWeek’s Spending It lifestyle section. Chris travels the globe in pursuit of his work, soaking up the local culture and sampling the very finest in cuisine, hotels and resorts for the magazine’s discerning readership. He also enjoys writing his fortnightly page on collectables, delving into the fascinating world of auctions and art, classic cars, coins, watches, wine and whisky investing.

You can follow Chris on Instagram.