Cayman Islands: Updated CRS guidance | KPMG | GLOBAL

Cayman Islands: Updated CRS guidance

Cayman Islands: Updated CRS guidance

The Cayman Islands Tax Information Authority issued guidance relating to the common reporting standard (CRS)—scheduled for implementation beginning 1 January 2016. The guidance (issued 8 December 2015) includes updated Cayman Islands entity and individual self-certification forms, a list of CRS participating jurisdictions, and other information.


Related content

According to a release [PDF 309 KB] from the tax authority, 

  • The United States is not a participating jurisdiction for CRS purposes, and the U.S. FATCA regime will apply.
  • There is overlap of UK FATCA and CRS, and future guidance will be provided to clarify.

KPMG observation

The rules under CRS differ from the U.S. FATCA regime. For example, CRS does not include exemptions for Cayman investment managers or advisors and has not sponsoring entity regime.


Read a December 2015 report [PDF 228 KB] prepared by the KPMG member firm in the Cayman Islands: Cayman Islands CRS Update

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