The Cayman Islands Tax Information Authority
("Cayman TIA") issued the second
official version of the Cayman Islands FATCA
Guidance Notes (the "Guidance Notes") on
15 December 2014. A copy of the Industry Advisory and the
Guidance Notes can be found through the following links:
Defined terms and abbreviations not otherwise described herein
have the same meaning given to them in our prior updates.
The Guidance Notes replace the previous version issued on 22
July 2014 and provide additional commentary on a number of areas,
(a) the operation of the Investment Adviser and Investment
Manager exemption contained within Annex II of the US and UK
(b) the meaning of the term "controlling person"
as may be relevant for obtaining self-certification from a Passive
(c) the treatment of "Limited Capacity Exempt
Beneficial Owners" under the UK IGA;
(d) the classification of dormant and liquidating
(e) clarification of how private trust companies can be
(f) a new category of Passive NFFE known as the
"Direct Reporting NFFE".
The Guidance Notes are considered to be a dynamic document which
has been under review over the past several months by the Working
Group which comprises members of the private and public sector in
Cayman. As the implementation of FATCA continues and with the
pending introduction of the OECD Common Reporting Standards, it is
expected that additional or updated versions of the Guidance Notes
can be expected in 2015.
In addition to announcing the formal release of the Guidance
Notes, the Industry Advisory also mentions that the Ministry of
Financial Services, Commerce and Environment is proposing to change
from 31 March to 30 April the date by which a Reporting Financial
Institution is required by the Cayman Regulations to make certain
information notifications to the Cayman TIA.
For further information or advice on the application of the
Guidance Notes, please speak with your usual Maples and Calder
contact. For further information on FATCA services and
solutions, please speak with your usual MaplesFS contact.
Additionally, you may speak with any one of the above members of
our dedicated FATCA team.
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.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
This webcast focuses on the impact FATCA and CRS are having on structured finance vehicles set up in the BVI, Cayman Islands and Ireland and covers in detail the impending reporting and notification deadlines in each of these jurisdictions.
On the 9 September 2016 the MFSA issued feedback to its consultation of the 1 April 2016 in relation to intra-group loans.
Some comments from our readers… “The articles are extremely timely and highly applicable” “I often find critical information not available elsewhere” “As in-house counsel, Mondaq’s service is of great value”
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).