Common Reporting Standard ("CRS") – Government Issued Industry Advisory

Further to our previous CRS advisories, the Cayman Islands Department for International Tax Cooperation ("DITC") has issued an updated industry advisory on the implementation of the CRS in the Islands. Implementation has been effective from 1 January 2016 with reporting to the Cayman Islands Tax Information Authority ("TIA") (which falls under the DITC) to begin at the end of May 2017.

A link to the advisory can be found by clicking here.

CRS participating jurisdictions and US FATCA

The industry advisory contains a link to the TIA's list of CRS participating jurisdictions which now numbers 96. This list of countries notably excludes the USA and the advisory confirmed that the USA is a non-participating CRS jurisdiction and, as such, the US FATCA legislative framework implemented in the Cayman Islands will continue to operate as normal.