Cayman Islands: Updated version (v2.0) of CRS guidance notes

Cayman Islands: Updated version of CRS guidance notes

The Department for International Tax Cooperation (DITC) on 13 April 2017, released an updated version (v2.0) of the Cayman Islands guidance notes that offers clarity on a number of areas, some of which include:

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  • Written policies and procedures: All Cayman Islands reporting financial institutions are now required to establish written policies and procedures on how they intend to comply with the common reporting standard (CRS).
  • Limited life debt investment entities: Limited life debt investment entities are Cayman reporting financial institutions for the purposes of the CRS.
  • U.S. retirement and pension funds as trusts: These types of entities are often established as trusts under the CRS guidance, they would then be treated as passive NFEs (being managed investment entities in a non-participating jurisdiction).

Additionally, the DITC also released an industry advisory notice, which includes:

  • List of reportable jurisdictions: The list of reportable jurisdictions has been updated to include Jersey for 2017, and also the 2018 reportable jurisdictions.
  • AEOI portal: The DITC has indicated that an automatic exchange of financial information (AEOI) portal user guide is expected in the coming weeks and functionality for CRS notification and reporting will be available beginning the week of 10 May 2017 and 12 June 2017 respectively. 
  • Liquidating entities: Liquidating entities were reminded by the DITC that they need to comply with their obligations for 2016 with respect to 2017 reportable jurisdictions and for the part of 2017 in which they are in existence with respect to 2017 and 2018 reportable jurisdictions.  

 

Read an April 2017 report [PDF 61 KB] prepared by the KPMG member firm in the Cayman Islands

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