Cayman Islands: Publication Of Reportable Jurisdictions | Cayman

On 31 March 2017, the Cayman Islands Tax Information Authority ("TIA") published its 2017 list of "Reportable Jurisdictions" for the purposes of the Common Reporting Standard ("CRS") as implemented in the Cayman Islands. The Reportable Jurisdictions are those with which the Cayman Islands will share the information it collects under the CRS.

Although 100 jurisdictions have committed to implementing CRS (defined as "Participating Jurisdictions"), not all of the Participating Jurisdictions are implementing CRS at the same pace or in the same manner. The sharing of CRS information is limited to the Reportable Jurisdictions.

The TIA will only collect and share information that is relevant to Reportable Jurisdictions. That means Cayman Islands entities reporting this year under CRS will only be required to report information in relation to Reportable Accounts held by individuals or entities (or, in certain circumstances, with controlling persons) that are tax resident in one or more of these Reportable Jurisdictions (or to submit "nil returns" for Reportable Jurisdictions with no Reportable Accounts). The Reportable Jurisdictions are as follows:

(The published list is available on page 15 of the Extraordinary Gazette Supplement No.29/2017, found 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.