August 31, 2019

The Cayman Islands Department for International Tax Cooperation (DITC) announced Friday that its AEOI portal is offline to facilitate the transmission of CRS and FATCA returns to partner jurisdictions. 


Users will be able to login and check on previously submitted retu...

June 17, 2019

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 n...

April 11, 2019

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 Exc...

August 17, 2018

The Bahamas issued revised CRS Guidance Notes on August 3, 2018.  Included in the revisions is a change in the definition of Controlling Person.  The Bahamas will now use a 10% threshold for CRS reporting commencing in 2019.


Controlling Person Defined


The Bahamas...

June 21, 2018

Certain Cayman Islands entities must provide beneficial ownership information to their Cayman Islands corporate service providers (CSPs) by June 29, 2018.  This requirement should not be confused with the obligation to report Controlling Persons under FATCA Intergovern...

The Cayman Islands changed its deadline for CRS and FATCA reporting:

Original deadline May 31
Portal closed June 1 - June 14
Portal reopens June 15
New deadline July 31
Portal remains open until August 31

Please note that submissions made after July 31 will be noted and...

The Cayman Islands announced in March that it updated its CRS self-certifications to require that Passive Non-Financial Entities (NFEs) disclose individuals with direct or indirect ownership or control of 10% or more of the shares or voting rights of the Passive NFE....

March 8, 2018

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.


F...

October 13, 2017

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 Janu...

August 31, 2017

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 registrat...

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