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ARTICLE · 10 NOVEMBER 2016

Complex Reporting Standards

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In this article, Richard Grasby considers the impact of transparency initiatives on Cayman Islands trust structures.

Cayman IslandsCorporate/Commercial Law
Richard Grasby
Richard Grasby
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This article first appeared in the 2016 November issue of the STEP: Cayman Islands supplement 'Trust Cayman'.

In this article, Richard Grasby considers the impact of transparency initiatives on Cayman Islands trust structures.

Much has been written about the US Foreign Account Tax Compliance Act (FATCA)1 and the OECD's Common Reporting Standard (CRS) in recent years, but, as far as trusts are concerned, a number of areas of uncertainty remain.2 FATCA and CRS are now entrenched in Cayman Islands law, so trustees, settlors, benefi ciaries and advisors need to be aware of their impact on Cayman trust structures. Some of the consequences may be unexpected.

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