Cayman Islands Issue OECD Common Reporting Standard Regulations

The Cayman Islands Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the "CRS Regulations") were issued on 16 October 2015.

Cayman Islands Government Industry Advisory - CRS Regulations Are in Effect

The CRS Regulations, which are the first part of two in the roll-out of the Cayman legislation, focus principally on the operative provisions and procedural obligations of CRS (which is attached as a schedule).  It is anticipated that a second set of regulations will be issued before the end of the year that will contain the enforcement powers of the TIA and related penalty provisions.  

The principles under the CRS Regulations are very similar to FATCA and the Cayman Islands US and UK FATCA Regulations (issued in July 2014) (collectively "FATCA"), although there are some important distinctions.  For example, while US FATCA focused on citizenship and tax residency, CRS only focuses on tax residency.  Given the