Cayman Islands provides final extension for US FATCA & CRS reporting
TAX ALERT |
The Cayman Islands have recently extended the filing deadline for Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) reports to Aug. 31, 2017. This new one month extension marks the last time the Cayman government will provide an extension for FATCA and CRS reporting. Previously, Cayman Financial Institutions (CFI’s) had to file all FATCA and CRS reports with the Cayman Islands government by July 31, 2017.
It should be noted, however, that this extension applies only to the filing of FATCA & CRS reports. CFI’s are still required to provide the Cayman government with notification of their intent to file a FATCA or CRS report, or vary their current U.S. FATCA or U.K. CDOT registration to add CRS, by July 31, 2017.
CFI’s must file their notification, along with their FATCA or CRS reports, using the Cayman Automatic Exchange of Information (AEOI) Portal. All CFI’s will need to register through the Cayman AEOI Portal and submit a CRS Filing Declaration, even those institutions with no reportable accounts to disclose.
With the previous July 31 deadline rapidly approaching, this one month extension may certainly come as relief to those institutions still working through their 2016 reporting obligations. However, it is highly recommended that CFI’s file their reports as soon as possible, since the Cayman AEOI Portal is anticipating heavy traffic as the new Aug. 31 deadline approaches, which will likely cause delays for those attempting to submit last minute reports.
In addition, it should again be noted that this extension does not apply to the FACTA and CRS notification deadline. CFI’s will need file their notification, or vary their existing U.S FATCA or U.K. CDOT registration, by July 31, 2017, even if they have no reportable accounts to disclose.
For more on the FATCA and CRS notification deadline, see our alert: Cayman Islands extends FATCA and CRS notification deadline.
More information on the Cayman Island FACTA implementation can be found on the Cayman AEOI Portal Updates post.