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  • Elizabeth A. McMorrow

Cayman Islands Updates Portal & CRS Jurisdictions

CRS Reportable Jurisdictions


On January 31, 2022, the Cayman Islands published an updated list of Common Reporting Standard (CRS) Reportable Jurisdictions. Jamaica, Kenya and Morocco have been added as CRS Reportable Jurisdictions for Y2021 reporting. Kuwait has been removed from the list of CRS Reportable Jurisdictions.


Financial Institution Deregistration


The functionality of the Cayman Islands Department for International Tax Cooperation portal (DITC Portal) has increased to allow an authorized person to deregister / deactivate a Financial Institution’s (FI’s) DITC Portal registration. If a registered FI has ceased to exist or is otherwise no longer a Cayman Reporting FI, the Principal Point of Contact (PPoC) must complete an online form to request an FI deactivation.


Prior to submitting a deactivation request, the following filings must be completed for each year the registered entity had reporting obligations:

  • CRS Return (if applicable)

  • CRS Filing Declaration

  • CRS Compliance Form

Required Deactivation Documentation


The PPoC must provide the contact information of the person who will retain the FI’s records for six years following the date of deactivation from the DITC Portal.


A request for deactivation due to the dissolution of an entity must be supported by submitting evidence such as:

  • Certificate of Dissolution, Strike-Off, or equivalent

  • Trust deed that clearly indicates the name of the FI and date of termination

  • Directors’ resolution to terminate a cell of a segregated portfolio company (SPC)

A request for deactivation due to the change in classification of an entity must be accompanied by a letter which:

  • Explains the reason why the entity was initially classified as an FI based on the definition of that term in the CRS;

  • Explains the reason why the entity is no longer an FI and from what date;

  • Indicates how the entity should now be classified under the CRS; and

  • Includes evidence supporting the claim, such as termination of an investment management agreement or self-certification forms.

Liquidating Entities


The fact an FI is in liquidation will not be accepted as the basis for a deactivation request. The DITC emphasized in its February 2022 Updates Bulletin that liquidators (or equivalent) must ensure that the FI continues to satisfy all of its CRS obligations including:

  • Providing the DITC a change notice regarding any User changes on the DITC Portal

  • Completing any required reporting

  • Submitting a deactivation request upon final dissolution or winding up.

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


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