Cayman Islands - Extension of FATCA Notification Deadline
An update was released recently by the Cayman Islands Department of International Tax Cooperation (“DITC”) in relation to the status of the Cayman Automated Exchange of Information Portal (Portal) and the requirement for Cayman Islands Financial Institutions to register with the Cayman Islands Tax Information Authority.
Cayman Islands Reporting Financial Institutions ("RFI") will generally be required to register with the Cayman Islands Tax Information Authority (“TIA”) through the Portal, however the deadline for registration has been postponed from March 31, 2015 until April 30, 2015.
The notification information that is required to be submitted to the TIA under the US Regulations is as follows:
- The name of the RFI
- The categorisation of the RFI as determined in accordance with the US IGA.
- Where the RFI has registered with the Internal Revenue Service of the United States of America (the "IRS"), its Global Intermediary Identification Number.
In addition to the above, DITC may also require the RFI to give details of its principal point of contact together with a PDF showing the authorisation of that natural person.
It is expected that the Portal will be operational during March and RFI now have under April 30, 2015 to register their status via the Portal. The first reporting deadline is May 31, 2015 and RFI should take steps to work to these deadlines.
It is understood that the reporting format will be consistent with the schemas currently published by the IRS for US FATCA and those published by the OECD for the Common Reporting Standard (“CRS”).
Date: 11 March 2015
Source: Harneys / Maples and Calder