Cayman Counsel Series: 2016 Notification And Reporting For FATCA And UK FATCA

A Reporting Cayman Islands Financial Institution (FI) is required to provide notification to the Cayman Islands Tax Information Exchange Authority (TIA) of certain prescribed details, and to identify a Principal Point of Contact (PPOC) who must be authorised to serve as the PPOC by an appropriate person in the FI.

An FI for which 1 January 2015 to 31 December 2015 is the first reporting period under FATCA is required to provide this notification on or before 30 April 2016. Click here to access the template letter to the TIA prepared by Ogier.  Our template letter covers both FATCA and UK FATCA.

An FI for which 1 July 2014 to 31 December 2014 was the first reporting period under FATCA and which made the appropriate notification to the TIA in 2015 does not need to re-notify unless any of the prescribed details or the PPOC have changed.