The Cayman Islands Department for International Tax Cooperation
("DITC") issued an industry advisory on 2 March 2020 (the
"Advisory") highlighting a number of updates with respect
to FATCA and CRS (together, "AEOI") compliance, including
an amended deadline for reporting by Cayman Islands Financial
Institutions ("Cayman FIs"), and an update on the status
of the AEOI Portal (soon to be replaced by the DITC
Portal).
This Advisory follows recent updates to the Cayman Islands AEOI
regime, pursuant to amendments to FATCA and CRS regulations.
Specifically, the Tax Information Authority (International Tax
Compliance) (United States of America) (Amendment) Regulations 2020
(the "FATCA Amendment Regulations"), and the Tax
Information Authority (International Tax Compliance) (Common
Reporting Standard) (Amendment) Regulations 2020 (the "CRS
Amendment Regulations"), effective 20 February 2020 (together,
the "AEOI Amendments").
