On May 11th 2015, the Cayman Islands Department for International Tax Cooperation ("DITC") announced that Notifications may now be submitted on or before Thursday, 21 May 2015; and that returns may be reported on or before Friday, 12 June 2015. There will be no penalties or enforcement measures once there is compliance on, or before, the dates outlined for notification and returns reporting.
The DITC has also advised that the Cayman Islands AEOI Portal will be offline through May 13th 2015 to allow for system updates. Once system updates are completed, users will have access to FFI names and all data on previous submissions.
The full press release from the Cayman Islands Government can be viewed here.
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.