Cayman Islands extends FATCA and CRS notification deadline
TAX ALERT |
In a recent release, the Cayman Islands government has announced that they have extended the deadline for Cayman Island financial institutions to notify the Cayman government of their intent to file a Cayman Foreign Account Tax Compliance Act (FATCA) or the Common Reporting Standards (CRS) report to July 31, 2017. Originally, Cayman Island financial institutions had until June 30, 2017, to provide such notification.
This new deadline comes as welcomed relief for Cayman financial institutions, many of whom are still sorting through their 2016 FATCA and CRS reporting obligations. In addition to providing welcome relief for many Cayman financial institutions, this new extended notification deadline now aligns with the July 31, 2017, deadline for filing the Cayman FATCA or CRS reports, which remains unchanged to date.
In order to comply with Cayman FATCA and CRS requirements, Cayman financial institutions must file their notification for U.S. FATCA and CRS, or vary their current U.S. FATCA or U.K. CDOT registration to add CRS, on the Cayman Islands portal for automatic exchange of information. All Cayman financial institutions will need to register through the Cayman AEOI portal, even those that have no reportable accounts to disclose.
While the extension is certainly welcomed relief, Cayman financial institutions should still aim to file their notifications as early as possible to avoid any issues, as the Cayman AEOI portal is expected to experience high traffic and delays as the deadline approaches.
More information on the Cayman Islands FATCA implementation can be found on the Cayman Islands AEOI news and updates post.