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ARTICLE · 15 FEBRUARY 2017

CRS Update Has Ramifications For Cayman Captives

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Captive insurance professionals need to be aware of certain points arising from the updated Common Reporting Standard Regulations, according to Lucy Frew, partner of Walkers Global.

Cayman IslandsTax
Lucy Frew
Lucy Frew
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In January 2017, Becky Butcher of the Captive Insurance Times talked to Cayman Islands partner Lucy Frew on the Common Reporting Standard ("CRS") and Cayman Captives.

Captive insurance professionals need to be aware of certain points arising from the updated Common Reporting Standard Regulations, according to Lucy Frew, partner of Walkers Global.

The Cayman Islands government has recently approved legislation to amend the Cayman Tax Information Authority for International Tax Compliance and Common Reporting Standard (CRS) Regulations.

The purpose of updating the legislation is to ensure an effective implementation of CRS.

Frew explained that there are certain differences in the entity classification rules under the CRS Regulations and the US Foreign Account Tax Compliance Act (FATCA).

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