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).

Additionally, representatives of a Cayman Financial Institution (e.g., directors) may be held liable for violations if proof of reasonable diligence cannot be provided.

For assistance, please contact me via my contact page or at elizabeth@elizabethmcmorrowlaw.com.