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ARTICLE · 16 NOVEMBER 2020

CRS And FATCA Update

Collas Crill
Collas Crill
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Collas Crill

Collas Crill

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There have been a number of recent amendments to the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting regimes in the Cayman Islands and...

Cayman IslandsTax
Natalie Bell
Natalie Bell
Andrew Peedom
Andrew Peedom
Sally Peedom
Sally Peedom
Lauren Riley-Gledhill
Lauren Riley-Gledhill
Jane Magis
Jane Magis
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There have been a number of recent amendments to the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting regimes in the Cayman Islands and, following this, the Department for International Tax Cooperation (DITC) has issued a further industry advisory on 30 October 2020 regarding FATCA and CRS, which is available  here. 

We have summarised the key updates below which Cayman Financial Institutions (Cayman FIs) need to be aware of.

Our previous article dated  >24 April 2020 summarises industry advice released by the Department for International Tax Cooperation on 16 April 2020.

AEOI Portal/ new DITC Portal

The Cayman Islands Automatic Exchange of Information (AEOI) Portal is currently offline and a new portal (called DITC Portal) will launch in November 2020. New registrations are not being accepted until the DITC Portal is launched. 

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