CRS Notification And Reporting Deadlines

In December 2016, the Cayman Islands introduced amendments to the regulations implementing the Common Reporting Standard (CRS) in the Cayman Islands (as amended, the CRS Regulations).

The CRS Regulations require all Cayman Islands Financial Institutions to submit to the Cayman Islands Tax Information Authority (TIA) an "information notice" stating:

• The institution's name and any number given to it by the TIA as a Financial Institution;
• Whether the institution is a Cayman Reporting Financial Institution or Non-Reporting Financial Institution;
• If the institution is a Cayman Reporting Financial Institution, the type of financial institution;
• If the institution is a Non-Reporting Financial Institution, its classification under CRS;