Amendments To The Common Reporting Standard: Summary Of Key Changes

Background to the CRS

In 2014, the Cayman Islands was among 50 other jurisdictions which signed a Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information demonstrating its commitment to implement the Common Reporting Standard (the CRS), an international regime developed by the Organisation for Economic Co-operation and Development (the OECD) to facilitate and standardise the exchange of information on residents' assets and income, primarily for taxation purposes. As at the date of this advisory, over 120 jurisdictions have agreed to implement the CRS.

This agreement was implemented in the Cayman Islands in 2015 in the form of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, now in their 2021 Revision (the Regulations). All Cayman Islands Financial Institutions (FIs), as defined in the Regulations, must comply with the Regulations and the CRS Guidelines issued by the