The Cayman Islands AEOI Portal is currently online and open for notifications and reporting for all years. The deadline for both CRS and FATCA is July 31, 2019. The new Industry Advisory provides a number of updates regarding the portal user guide, error and status notifications, and frequently asked questions (FAQs). The industry advisory also covers the below topics. Sponsoring Entities & CRS Reporting The industry advisory emphasizes that CRS does not recognize the Spons

Once again, the Cayman Islands has extended the deadline for FATCA and Common Reporting Standard (CRS) reporting from May 31 to July 31. Cayman Islands Portal Open The Cayman Islands Department for International Tax Cooperation (TIA) also announced that its Automatic Exchange of Information (AEOI) portal is open for FATCA and CRS reporting submissions. Now is the time to submit any 2014 - 2017 reporting that you failed to submit previously while the portal is not bombarded wi

At recent conferences IRS staff announced a change in certification requirements that has not yet been added to the IRS FATCA FAQs. Regardless of the date of initial Global Intermediary Identification Number (GIIN) registration, an entity is now not required to complete FATCA certifications if it deregistered before July 22, 2018. July 22, 2018 Cut-Off Any entity that was deregistered from the IRS FATCA portal prior to July 22, 2018 is not required to submit a COPA or period

To comply with FATCA regulations, each Sponsored Entity must enter into a written agreement with its Sponsoring Entity. The Sponsoring Entity’s Responsible Officer is required to certify to the IRS that this agreement is in place. Sponsored & Sponsoring Entities Defined A Sponsored Foreign Financial Institution (FFI) is an FFI that is an investment entity or a controlled foreign corporation which has a Sponsoring Entity performing FATCA due diligence, withholding, and report

The IRS requires that some sponsoring entities register their sponsored entities for their own Global Intermediary Identification Numbers (GIINs) for FATCA reporting and withholding purposes by December 31, 2016. It is possible you have longer than December 31, 2016 to register your sponsoring entities: it is not necessary to register sponsored investment entities and sponsored controlled foreign corporations covered by Annex II of a Model 1 IGA until before the later of De