The Cayman Islands have announced that they are extending the deadline for Cayman Financial Institutions (FIs) to register and notify their status to the Cayman Islands Tax Information Authority (Cayman TIA) via the Cayman Automatic Exchange of Information (AEOI) Portal. The deadline for registration for FATCA and Common Reporting Standard (CRS) purposes in relation to the calendar year 2016 has been put back to 31 July 2017 for new notifications and for variations of existing notifications. This is the same date as the deadline for FATCA and CRS reporting obligations in relation to the 2016 calendar year.
It should be noted that Cayman Islands Regulations implementing CRS include specific requirements that need to be met in relation to the CRS notifications, which differ to those that apply under FATCA. All Cayman FIs are required to notify their CRS status to the Cayman TIA, even if they have no reportable accounts (which could, for example, be relevant to Cayman fund managers).
In addition, the Cayman Islands Department for International Tax Cooperation (DITC) has also published revised forms of self-certification. The new forms include fields which may be used by widely held trust type collective investment vehicles and pension trusts in CRS non-participating countries. The revised entity self-certification form also deals with the collection of GIINs from sponsored entities (where the sponsored entity must now be registered by its sponsoring entity with the IRS under FATCA and can no longer rely on the sponsoring entity’s GIIN), and no longer includes a section on UK CDOT (the UK equivalent to FATCA) on the basis that the UK CDOT regime is being phased out and the CRS section should facilitate the collection of sufficient information on UK account holders. The revised forms also include an acknowledgement from the person giving the self-certification to the Cayman FI that making a materially false CRS self-certification is now an offence under the Cayman CRS regulations made in December 2016.
Managers of Cayman funds should consider updating the self-certification forms used by the Cayman funds in light of these updates.
The Cayman Islands have since announced that the FATCA and CRS reporting deadline has been extended to 31 August 2017, see “Cayman Islands FATCA and CRS reporting deadline extended”.
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