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ARTICLE · 22 DECEMBER 2015

CRS Update: Self-Certification Forms

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The Cayman Islands Tax Information Authority, on December 8, 2015 provided the following implementation updates for the Common Reporting Standard...

Cayman IslandsTax
DMS Offshore Investment Services
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The Cayman Islands Tax Information Authority (TIA), on December 8, 2015 provided the following implementation updates for the Common Reporting Standard (CRS):

  1. Updated Self-Certification Forms ( Individual and Entity) for compliance with CRS, U.S. and U.K. FATCA, which should be used by Cayman Islands funds. From January 1 onwards, a Self-Certification Form needs to be obtained in the account opening process and validated as quickly as possible. If no Self-Certification Form is obtained within 90 days of the account opening, the account must be reported to the TIA as undocumented. If an entity/fund has a disproportionate number of undocumented accounts, it may be subject to compliance reviews by the TIA.

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