As communicated in our Common Reporting Standards ("CRS") article of 30 September 2015 (click here for link) it was expected that the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the "Regulations") would be finalised and passed into local legislation in October 2015. These regulations have now come into effect.
What steps need to be taken?
Cayman Islands financial institutions that are affected by the CRS should be actively preparing for CRS compliance noting that the new account opening procedures should be in place for 1 January 2016. For further background reading, please click on the link above to our previous CRS article.
Further parts of the Regulations (e.g. in respect of the specific requirements for compliance) are expected to be issued in December 2015. In addition, it is expected that additional guidance and self-certification forms are forthcoming.
For further guidance on the CRS please contact us.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.