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The N registered aircraft are leased and the leasing company is based in the US.

How that works with flight crew licensing requirements, I'm not sure as it varies from Country to Country and what the aircraft is used for.

When I was flying in Germany, a lot of private planes were US registered and you could fly them with a US license, even if you're not a US citizen and the aircraft is based in Germany.  Lots of private pilots do this because its a hell of a lot cheaper getting a US license than it is a German license.  Commercially, there were ways around that so you could fly a N registered aircraft with a German license.

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