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ARTICLE · 23 MARCH 2017

Cayman Islands AEOI Update

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Financial Institutions ("FIs") in the Cayman Islands are required by law to notify the Cayman Islands Tax Information Authority ("TIA") of their AEOI status (i.e. register) by 30 April 2017.

Cayman IslandsFinance and Banking
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Common Reporting Standard 

Extension to First Notification and Reporting Deadlines 

Financial Institutions ("FIs") in the Cayman Islands are required by law to notify the Cayman Islands Tax Information Authority ("TIA") of their AEOI status (i.e. register) by 30 April 2017.  In addition, Cayman Islands Reporting FIs ("Reporting FIs") are required to submit returns to the TIA by 31 May 2017.  However, the Cayman Islands governmental department mandated to assist the TIA, the Department for International Tax Cooperation ("DITC"), recently issued an industry advisory (the "Advisory") advising that it will be adopting a soft opening to the upcoming 30 April notification deadline and 31 May return deadline for CRS for 2017.  According to the Advisory, Cayman Islands FIs that submit notifications for CRS on or before 30 June 2017, and Cayman Islands Reporting FIs that file "Accepted" returns for CRS on or before 31 July 2017, will not be subject to any compliance

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