The Common Reporting Standard For Cayman Funds Key Differences From FATCA

The OECD's Common Reporting Standard (the "CRS") builds upon the framework introduced by the US Foreign Account Taxation Compliance Act ("FATCA") extending a similar automatic exchange of financial information regime across a broad network of participating jurisdictions. The Cayman Islands has implemented the CRS under the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (the "Cayman CRS Regulations") which impose similar obligations on Cayman funds as those imposed under FATCA but also require additional steps to be taken by those funds. The Cayman CRS Regulations also impose obligations on Cayman managers and general partners of investment entities which extend beyond those imposed under FATCA. This briefing outlines the key steps which will need to be addressed by Cayman funds and their managers and general partners in order to ensure compliance with the Cayman CRS Regulations.