FATCA & CRS: Cayman Allows Post Deadline Registration / Notification / Variation
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 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 Cayman Islands FATCA and CRS reporting deadline is August 31, 2017.
For information about the importance of deregistering, please see my July 25, 2017 post FATCA & CRS: Don’t Forget to Deregister.