The Cayman Islands Department for International Tax Cooperation
has recently announced that its online Automatic Exchange of
Information Portal is now open.
The portal should be used by Cayman financial institutions in
order to notify the Cayman Islands Tax Information Authority of
their reporting obligations under US FATCA and/or the similar tax
compliance legislation relating to the exchange of information with
the United Kingdom. The portal will also be used for the reporting
obligations of Cayman financial institutions under the Common
Reporting Standard once these standards have been implemented in
the Cayman Islands.
It should be noted that in the case of US FATCA the Cayman
financial institution should already have registered with the IRS
via the IRS portal and obtained a Global Intermediary
Identification Number before beginning the notification and
registration process via the Cayman Automatic Exchange of
The notification process will need to be completed by a
principal point of contact that has been formally authorised as
such by the Cayman financial institution. Once the notification
process is complete a user account will be opened for the principal
point of contact within the Automatic Exchange of Information
Portal. This user account can then be used to submit data in order
to satisfy the Cayman financial institution's reporting
obligations either by way of XML file upload or by way of manual
The deadline for notification of reporting obligations and
reporting of relevant data is of 30th April 2015. Cayman Islands
financial institutions should ensure that they have nominated and
formally authorised a relevant point of contact to open a user
account and that the relevant data has been collated for submission
via the portal in good time before this deadline.
The Cayman Islands Automatic Exchange of Information (AEOI)
Portal User Guide v1.1 can be access via the following link:
Virtual currency trading value and volume is soaring globally, but regulating virtual currencies and those who provide virtual currency exchange services (Exchangers) is challenging.
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