With the first round of US Fatca reporting completed on Friday,
26 June, Cayman Islands Reporting Financial Institutions (RFIs) can
now begin their summer relaxation in earnest, having successfully
navigated the complex notification and reporting processes.
For
many, the process has been all-consuming since 1 January, when
Fatca went live, after the US IRS itself had allowed a few
implementation delays to enable the global financial industry to
catch up on the requirements of the law and to demonstrate good
faith efforts in complying.
In March 2015, the Cayman Islands Department for International
Tax Co-operation (DITC) announced that it would be launching its
Automatic Exchange of Information Portal, thereby putting RFIs on
alert to begin their notification and reporting under Fatca and the
Intergovernmental Agreements (IGAs). The DITC also announced the
extension of the deadlines for notification of Fatca obligations,
from March 31 to 30 April, with the
