This advisory explains the impact of the Common Reporting Standard ("CRS") on Cayman Islands entities following the government's signing of a Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, confirming its commitment to implement the CRS in the Cayman Islands. The advisory includes information on the action which must be taken by Financial Institutions ("FIs") to ensure compliance with the CRS and other relevant information for clients including:
- which entities will be classed as Reporting FIs and will be required to meet obligations under the CRS;
- the expected process for notification to the Department of International Tax Cooperation;
- additional due diligence requirements and on-boarding procedures which will need to be put in place by Reporting FIs;
- reporting requirements including the timing of reporting and the information which will need to be included;
- key dates and deadlines;
- updates to documentation for investment funds including revised self-certification forms;
- where to find materials relating to the CRS; and
- anticipated future developments.
To read the full advisory, please download the document below:
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.