Dry Lease a Private Jet: Costs, Contracts and What to Expect (2026)
- May 27
- 4 min read
A dry lease gives an operator access to a specific aircraft for a defined period — without the capital commitment of outright purchase and without the crew and maintenance overhead of an ACMI arrangement. It is a flexible fleet solution, but one that comes with real operational obligations that are often underestimated. This guide explains what a dry lease actually involves, the cost structures, what to expect in a contract, and the critical details that matter most.
What a Dry Lease Gives You — and What It Doesn't
Under a dry lease, the lessor provides the aircraft only. Everything else is the lessee's responsibility.
What you get:
Use of a specific aircraft for a defined lease term
Flexibility to operate it as part of your fleet under your own AOC
Typically lower all-in cost than outright purchase for medium-term needs
No residual value risk at lease end (though some leases include a purchase option)
What you are responsible for:
Crewing the aircraft to the applicable regulatory standard (EASA, FAA, or equivalent)
Enrolling it in an approved maintenance programme (Part M/CAMO under EASA)
Hull and liability insurance, with the lessor named as additional insured
All operational costs — fuel, handling, landing fees, overflight permits
Adding the aircraft to your Air Operator Certificate (AOC)
Who Dry Leasing Is Best Suited For
Operators who already hold an AOC and have established crew and maintenance infrastructure
Companies looking to expand fleet capacity without the capital outlay of ownership
Operators testing a new aircraft type before committing to a purchase
Businesses that need a specific aircraft for a defined operational window of 1–5 years
Operators transitioning between owned aircraft and wanting interim coverage
Typical Dry Lease Rates (2026)
Lease rates vary significantly by aircraft type, age, specification, and market conditions. The following are indicative monthly rates for well-maintained, mid-life business jets in 2026:
Light jets (Phenom 300E, Citation CJ3+) — €15,000 to €35,000 per month
Midsize jets (Citation XLS+, Learjet 75) — €30,000 to €65,000 per month
Super-midsize (Challenger 350, Falcon 2000LX) — €55,000 to €120,000 per month
Heavy jets (Global 5000/6000, Gulfstream G550) — €100,000 to €250,000+ per month
These rates cover the aircraft only. Fuel, crew, maintenance, insurance, and operational costs are additional and borne entirely by the lessee.
What's in a Dry Lease Contract
A well-structured dry lease agreement addresses the following:
Aircraft description — registration, serial number, configuration, and technical status (hours, cycles, maintenance status) at delivery
Lease term — start and end dates, renewal options, and early termination provisions and penalties
Maintenance obligations — who manages the maintenance programme, approved maintenance organisations, and the process for scheduling maintenance windows
Return conditions — the agreed technical status the aircraft must be returned in at lease end. One of the most heavily negotiated areas
Security deposit — typically 1–3 months of lease rate, held by the lessor and returned at lease end subject to return condition
Insurance requirements — minimum hull valuation, liability coverage levels, lessor as additional insured
Permitted operations — geographic scope, whether charter operations are permitted, and any excluded routes or territories
Purchase option — a right to acquire the aircraft at a predetermined price, if agreed
Return Conditions: The Detail That Matters Most
Return conditions are the area most lessees underestimate — and the source of most disputes at lease end. At the termination of the lease, if the aircraft is returned with deferred maintenance, lower engine life remaining than stipulated, a modified configuration, or any damage not present at delivery, the lessee is typically liable for the full cost of rectification.
Before signing, get independent technical advice on the return condition clause. Understand exactly what 'half-life' or 'mid-life' engine condition means in the specific context of the lease, and ensure the delivery acceptance process is thorough — any issues not formally noted at delivery become the lessee's responsibility.
Frequently Asked Questions
Do I need an AOC to take on a dry lease?
Yes, for commercial operations. The aircraft must be added to your Air Operator Certificate, which requires regulatory approval. Under EASA, this involves a formal amendment to your AOC and may require a demonstration flight or additional crew training on type. Timeline varies by authority but allow 4–12 weeks from submission.
What is a typical dry lease duration?
Most business aviation dry leases run between 1 and 5 years. Shorter arrangements (3–12 months) exist but typically command higher monthly rates to compensate for the lessor's reduced certainty. Longer leases offer more favourable monthly rates but reduce flexibility — and increase the importance of getting the return condition terms right from the outset.
Can I buy the aircraft at the end of a dry lease?
Some leases include a purchase option at a fixed price or a first right of refusal at market value. If acquisition is a possibility in your planning, negotiate this into the original lease agreement — it is significantly more difficult and expensive to add after signing. Jetvice can structure purchase options into the initial lease negotiation.
Related Reading
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