Cayman Islands AEOI Update – Final Extension To The Reporting Period

On 19 July, the Department of International Tax Cooperation issued an update to the deadlines for Cayman Islands Financial Institutions ("CFI") to comply with U.S. FATCA and Common Reporting Standards ("CRS"). The following obligations are required under the regulations to avoid penalties:

• Notification for FATCA and CRS remains 31 July 2017 (applies to both Reporting Financial Institutions ("CRFI") and Non-Reporting Financial Institutions ("NRFI"))
• Reporting for FATCA and CRS is EXTENDED TO 31 August 2017 (includes Nil Return filing requirement for CRS)

We also bring to your attention the update to the AEOI Portal User Guide. Visitors to the AEOI Portal should be made aware that the system will be taken offline at 4pm on 31 August 2017.