On July 19, 2017, the Cayman Islands announced another extension of the filing deadline for 2016 FATCA and Common Reporting Standard (CRS) reports to August 31, 2017. The deadline for notification (registration) remains unchanged at July 31, 2017.
Notification (Registration)
Each Cayman Islands Financial Institution must register with the Cayman Islands Tax Information Authority (TIA) for CRS purposes by July 31, 2017, even if it has no reporting obligations under CRS. Notifications are submitted electronically through the Cayman Islands reporting portal.
Reporting (FATCA)
Each Reporting Cayman Islands Financial Institution that had "reportable accounts" for FATCA purposes during 2016 must file a 2016 FATCA report through the Cayman Islands reporting portal by August 31, 2017. Nil reporting is not required under FATCA.
Reporting (CRS)
Nil reporting is required under CRS. Accordingly, each Reporting Cayman Islands Financial Institution must file a 2016 CRS report through the Cayman Islands reporting portal by August 31, 2017 – as a nil report or to report information about "reportable accounts."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.