Search guides & insights

Cayman Islands Automatic Exchange of Information – US FATCA, UK FATCA, CRS Deadlines

US FATCA AND UK FATCA (FATCA)

Users of Cayman Islands vehicles which fall within the scope of US FATCA and UK FATCA as Reporting Financial Institutions (which will, for example, include most Cayman funds) are reminded that the previously extended deadline issued by the Cayman Islands Department for International Tax Corporation (DITC) to complete their notification and reporting to the Cayman Tax Information Authority has now been extended further to Friday 2 September (FATCA Deadline).

Cayman Reporting Financial Institutions are reminded that their obligations under FATCA will include:

  • Registration with the United States IRS to obtain a Global Intermediary Identification Number (GIIN) (US FATCA only)
  • Due diligence on investors and identification of any reportable accounts
  • Registration and applicable notifications with/to the Cayman Islands Tax Information Authority by the FATCA Deadline
CRS

Cayman Reporting Financial Institutions are also reminded that for CRS the deadline for conducting due diligence on pre-existing high value individual reportable accounts is 31 December 2016.

 

Reporting Financial Institutions are urged to confirm with their internal compliance function or external FATCA/CRS services provider that the requisite notifications and reporting requirements have been or will be met.

BACK TO ALL NEWS

RELATED ARTICLES

Insight +
Acquisition IPOs are SPAC
25/11/20 An attractive alternative to raising capital: Acquisition IPOs are SPAC
Insight +
CRS and FATCA update
13/11/20 CRS and FATCA update
Insight +
The perfect match
15/10/20 International Property Securities Exchange and securitisation vehicles: the perfect match
Insight +
Opportunities for cannabis business
02/10/20 Capital markets opportunities for cannabis businesses

Subscribe for the latest news and insights