Fractional Jet ownership or Fractional Leasing or Sharing is a new concept of owning a personal private jet for individuals. This kind of ownership is like a resort condominium sharing in which you avail the resort facilities whenever you want to and when you are not utilizing it, you will be sharing it with others. Legally the ownership of the Jet is shared by select few people who invest in the aircraft and use it with mutual understanding.
Some of the reputed companies in airlines industry are offering this kind of fractional jet ownership to their shareholders. It is like buying or leasing a partial interest in an aircraft condo unit. All partial owners are entitled to use the aircraft for set number of days every year just like a condo owner can use his resort for set number of days.
Usually one aircraft is shared by around 8 people. Every owner is allowed to utilize the aircraft of around 100 hours per year. There are few companies offering a 1/16th interest in an aircraft for people looking for economical package and need lesser hours.
The cost of the ownership depends on the type of aircraft you want to purchase. You are also allowed to purchase few extra hours in your aircraft subject to availability. The only drawback of this kind of this facility is you need to plan your travel well ahead in time as all owners are needed to schedule there travel. Once a owner blocks the time period than others can use it for that period.
Some big companies give you access to their large pool of aircraft. Once you own a partial interest in any aircraft you can avail any aircraft of similar make from the company fleet. This is a huge benefit and you need not worry about someone else blocking the timeslot.