Cayman Islands Automatic Exchange Of Information Update

The Cayman Islands Tax Information Authority ("TIA") has issued an advisory addressing several points of note regarding the Common Reporting Standard ("CRS") in the Cayman Islands.

Updated Self-Certification Forms

The TIA has published new entity and individual self-certification forms which address the account holder disclosure requirements under each of CRS, UK and US FATCA.

As CRS has been implemented in the Cayman Islands,¹ Cayman Islands reporting financial institutions are required to obtain specific data in respect of new account holders with effect from 1 January 2016. The TIA forms are designed to collect such information, though use of the particular forms is not obligatory and they may be used as is, or modified. Accordingly, reporting financial institutions which are collecting customer information at the point of subscription or account opening may choose to use extracts or modified versions of the TIA forms.