It is clear that you must retain records under FATCA and CRS but for how long and when does the clock start ticking? Taking the most conservative approach across FATCA, IGAs and CRS, your record-keeping policy should require a minimum of 6 years of record retention. FATCA Regulations Generally, the FATCA regulations (which non-IGA jurisdictions must follow) require that books and records be retained as long as their contents may become material in the administration of any U

CRS placed a tremendous burden on financial institutions (FIs) during the 2017 reporting season. This burden will only increase during the 2018 reporting season. FIs should have already taken steps to ensure due diligence is underway for those jurisdictions with a January 1, 2017 due diligence requirement. Now is also the time to ensure that employees / third party service providers at the back end of the the actual reporting process are made aware of the increased reportin

The Cayman Islands issued a reminder to Financial Institutions that the deadline for the submission of US FATCA and CRS reports and CRS Filing Declarations is today August 31, 2017. Although the deadline for registration was July 31, 2017 and the deadline for registration/notification is August 31, 2017, the Cayman Islands is keeping its portal open until September 13, 2017. Specifically, the portal will be open until 4 P.M. on September 13, 2017: New York 5 P.M. / London 1

Reporting is almost over and you can take a breath. You followed FATCA, IGA, CDOT and CRS requirements in your reporting and due diligence. But did you document these processes? If not, you may still be subject to penalties. FATCA, CDOT and CRS each seeks to create transparency in taxation across jurisdictions. The local tax authority collects certain information through the reporting process and shares that information with relevant tax authorities. It is incumbent on th

The Cayman Islands announced yesterday that its AEOI portal will continue to accept Financial Institution (FI) registrations and variations to existing FI registrations until August 31, 2017. The Department for International Tax Cooperation (DITC) warned that it is possible that fines may be levied against those that did not meet the July 31, 2017 deadline. Additional fines may be levied if an FI fails to register prior to August 31, 2017. Please note that it is necessary to

If you sold, liquidated or otherwise terminated a Reporting Financial Institution (FI) prior to January 1 of this year, you may need to deregister that FI to avoid penalties for failure to update its registration or failure to report. The IRS and other tax authorities require FIs to register in a FATCA and/or CRS portal. If the registered FI was liquidated prior to January 1, it is likely that there will be no need to do CRS or FATCA reporting for the current financial year.

The Cayman Islands announced that the reporting deadline for FATCA and CRS has been extended to August 31, 2017. This will be the final extension. The AEOI portal will close on August 31, 2017 at 4PM local time (3PM New York / 10PM London). The deadline for registration remains July 31, 2017. The Department for International Tax Cooperation (DITC) also issued a reminder that failure to register or report by the stated deadlines may result in a fine of KYD 50,000 (USD 61,000)

The Cayman Islands announced yesterday that it extended the deadline for Financial Institutions (FIs) to register in the Cayman Islands AEOI portal. Previously, the deadline was June 30, 2017. The deadline is now July 31, 2017. Please note that it is necessary to register even if the FI has no reporting obligations. Additionally, even if the FI previously registered for FATCA and CDOT, it must update its registration to comply with Cayman Islands CRS requirements. The Caym

The Cayman tax authority announced on Friday that the Cayman AEOI portal is now open for FATCA and CRS entity registrations. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #CaymanIslands #FATCA #CRS

The Cayman Islands tax authority (TIA) issued an update for FATCA/CRS registration/notification and reporting. For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com. #CaymanIslands #FATCA #CRS

The Cayman Department for International Tax Cooperation (DITC) issued an industry advisory extending the dates for Common Reporting Standard (CRS) notification and reporting. The deadline for notification has been extended from April 30, 2017 to June 30, 2017. The deadline for reporting has been extended from May 31, 2017 to July 31, 2017. Reporting Financial Institutions (FIs) must submit their CRS data and show the status “Accepted” within the Submission History page of the

The Cayman Islands, India, Mauritius and the majority of other jurisdictions participating in the Standard for Automatic Exchange of Financial Account Information in Tax Matters (The Common Reporting Standard (CRS)) are taking the “wider approach” to CRS compliance. What is the wider approach and how does it impact your CRS due diligence and reporting? Global Expansion Under FATCA, due diligence and reporting focused on one set of reportable persons: Specified U.S. Persons.

Recently released Cayman Islands Common Reporting Standard (CRS) Regulations added significant criminal enforcement sections which include the imposition of administrative and criminal fines on individual account holders providing self-certificates and individuals connected to an entity violating the Cayman CRS Regulations and Tax Information Authority (TIA) Law. The changes were made through the Cayman Islands issuing the Tax Information Authority (International Tax Complian

The Cayman Islands issued The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2016. These regulations amend the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015. Non-Reporting Financial Institutions (FIs) are now required to register with the Cayman Islands TIA by April 30, 2017 (or by April 30 of the year after the entity becomes an FI). Change in Approach Pre