The Common Reporting Standard (CRS) is an
international tax information exchange framework that has been
implemented in the Cayman Islands. Cayman companies and other
vehicles must comply with the Cayman CRS regulations. Those that
don't face significant penalties. Deadlines for notification
(30 June) and reporting (31 July) are fast approaching.
Cayman entities should confirm their classification for the
purposes of CRS. All Financial Institutions (whether Reporting or
Non-Reporting) must appoint persons authorised to correspond with
the tax authority and making an initial notification by 30 June.
All Reporting Financial Institutions must also review any
delegation of their responsibilities, adopt written policies and
procedures and submit reports which are due by 31 July.
