Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 03 JULY 2017

FATCA And CRS – Are You Prepared?

DMS Governance Ltd
Explore more from DMS Governance Ltd

Deadlines for Cayman Islands Financial Institutions ("CFI") to comply with U.S. FATCA and Common Reporting Standards ("CRS") are just around the corner.

Cayman IslandsTax
DMS Offshore Investment Services
DMS Offshore Investment Services
Author LinkedIn connections

Deadlines for Cayman Islands Financial Institutions ("CFI") to comply with U.S. FATCA and Common Reporting Standards ("CRS") are just around the corner. The following obligations are required under the regulations to avoid penalties:

  • notification for FATCA and CRS has just been EXTENDED to 31 July 2017 (applies to both Reporting Financial Institutions ("CRFI") and Non-Reporting Financial Institutions ("NRFI"))
  • reporting for FATCA and CRS remains 31 July 2017 (includes Nil Return filing requirement for CRS)

The Department for International Tax Cooperation ("DITC") recently released Version 2.0 of the Common Reporting Standard ("CRS") Guidance Notes. We have set out below the significant points to note for RFIs and NRFIs to ensure compliance under this directive.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

2027 CRS, FATCA And CARF Deadlines

The Cayman Islands Department for International Tax Cooperation has released critical updates for the 2027 compliance cycle covering Common Reporting Standard, Foreign Account Tax Compliance Act, and Crypto-Asset Reporting Framework requirements. Financial institutions and crypto-asset reporting service providers must navigate new registration deadlines, enhanced due diligence procedures, and the transition to updated XML reporting schemas for the 2026 calendar year.
Cayman IslandsTax
Stuarts Humphries
Stuarts Humphries
Article

Cayman CRS PPoC: Local Contact Requirements

The Cayman Islands has introduced a new local nexus requirement for Common Reporting Standard compliance, mandating that Financial Institutions appoint a Principal Point of Contact with a physical presence in the Cayman Islands. With the 31 January 2027 deadline approaching and penalties of CI$10,000 for non-compliance, FIs must urgently review their current registrations and ensure their appointed contacts meet the updated territorial requirements.
Cayman IslandsTax
Stuarts Humphries
Stuarts Humphries
Article

New CRS Principal Point Of Contact Requirement For Cayman Financial Institutions

As part of the Cayman Islands' implementation of the OECD's enhanced Common Reporting Standard (CRS) framework, commonly referred to as CRS Regime 2.0, the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2025 introduced a new requirement for all Cayman Financial Institutions (FIs) to appoint a Principal Point of Contact (PPOC) based in the Cayman Islands.
Cayman IslandsTax
Collas Crill
Collas Crill