Cayman AEOI Update: Deadline Extension And Updated Self-Certification Forms

Pursuant to an industry advisory (the "Advisory") dated 22 June 2017, the Department for International Tax Cooperation ("DITC") has made further announcements with respect to Automatic Exchange of Information of application to Cayman Islands Financial Institutions ("Cayman FIs"). 

Key points to note are as follows: 

(a)  The notification deadline for US FATCA and CRS with respect to the calendar year 2016 has been extended to 31 July 2017.  This is the same date as the current reporting deadline which has not been further extended. 

(b)  The DITC has also published revised forms of self-certification.  Of particular note is the inclusion of fields which may be used by widely held trust type collective investment vehicles and pension trusts in CRS non-participating countries.