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:
Isle of Man
(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.
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The Common Reporting Standard (CRS) is the standard for the automatic exchange of financial account information produced by the OECD, which provides for exchange of client due diligence (CDD) information between various jurisdictions.
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