Cayman Islands: Continuing Obligations Of A Cayman Islands Exempted Limited Partnership Closed-Ended Fund

Last Updated: 13 June 2017
Article by Harneys  

Part A – Investment Fund Obligations

Note in particular that penalties frequently apply for late filings and so the registered office should be informed promptly of any notifiable changes to allow the appropriate filing/s to be made.

The following covers the requirements of an investment fund in the Cayman Islands assuming it is a 'Reporting Financial Institution'1 under automatic exchange of information legislation in the Cayman Islands.

Item Action Required Timing
FATCA2 GIIN Application

As a Reporting Financial Institution, the fund must apply for a global intermediary identification number (GIIN). The GIIN application and filing can be done by a director, representative or appointee of the fund.
Within 30 days of commencing business.
Register with TIA

The fund is required to register with the Cayman Islands Tax Information Authority (TIA) in respect of its obligations under the US Regulations.
From 2018, no later than 30 April in the first calendar year in which the fund is required to comply with reporting obligations. For 2017 only, the registration deadline is 30 June.
Due Diligence

Establish and maintain arrangements that are designed to identify reportable accounts and arrangements that are designed to establish the jurisdictions of residence, and where applicable United States citizenship of a limited partner.
Immediately from launch and ongoing obligation.

Until 2017, there are special transition reporting periods for certain types of Pre-existing and New Reportable Accounts. Please speak to your normal Harneys contact for information during this period.

From 2018, 31 May each year in respect of the previous calendar year or prior to dissolution, if dissolved during a calendar year. For 2017 only, the reporting deadline is 31 July.

Common Reporting Standard3 Register with TIA

The fund is required to register with the TIA in respect of its obligations under the CRS Regulations.
From 2018, prior to 30 April in the relevant reporting year. For 2017 only, the registration deadline is 30 June.
Written policies and procedures

Establish and maintain written policies and procedures for its obligations under the CRS Regulations and implement and comply with those policies and procedures. Identify the tax residency of all account holders.
Immediately from launch and ongoing obligation.

Until 2018 there are special transition reporting periods for certain types of Pre-existing and New Reportable Accounts and reporting on UK persons while the UK CDOT Agreement4 is phased out and superseded by obligations under CRS. Please speak to your normal Harneys contact for information during this period.

Nil returns must be filed for all CRS reportable jurisdictions for which a fund has no reportable accounts.
From 2018, 31 May each year in respect of the previous calendar year. For 2017 only, the reporting deadline is 31 July. Funds which are in liquidation or being wound up must fulfil their notification and reporting obligations as normal and notify the TIA of their final dissolution.

Anti-Money Laundering Obligations

Item Action Required Timing
Anti-money laundering regulation compliance

Relevant law and regulation:
  • the Proceeds of Crime Law (PCL);
  • the Money Laundering Regulations; and
  • CIMA Guidance Notes on Prevention and Detection of Money Laundering and Terrorist Financing in the Cayman Islands.
A fund will have to comply with Cayman Islands anti-money laundering legislation and may delegate AML functions to a third party fund administrator in an approved jurisdiction (a Schedule 3 jurisdiction5) to fulfill this role.
The fund / its administrator must:
  • establish limited partner identification procedures;
  • implement suspicious transaction reporting procedures;
  • maintain know-your-client information and suspicious transaction records;
  • develop internal controls, policies and procedures that are appropriate to prevent money laundering;
  • implement an anti-money laundering training programme for staff members; and
  • designate a compliance officer at management level with the requisite skills and experience to manage the compliance programme and report to the general partner.
Immediately from launch and ongoing obligation.

To read this Legal Guide in full, please click here.


1 Please speak to your usual Harneys contact if you believe that your fund is not a Reporting Financial Institution.

2 Tax Information Authority (International Tax Compliance) (United States of America) Regulations (US Regulations).

3 Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (CRS Regulations)

4 Intergovernmental agreement between the Cayman Islands and the United Kingdom and Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations

5 Current Schedule 3 jurisdictions are Argentina, Australia, Austria, Bahamas, Bahrain, Barbados, Belgium, Bermuda, Brazil, British Virgin Islands, Canada, Cyprus, Denmark, Finland, France, Germany, Gibraltar, Greece, Guernsey, Hong Kong, Iceland, India, Ireland, Isle of Man, Israel, Italy, Japan, Jersey, Liechtenstein, Luxembourg, Malta, Mexico, Netherlands, New Zealand, Norway, Panama, People's Republic of China, Portugal, Singapore, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, United Kingdom and United States of America.

6 Where per day penalties apply, the Registrar may cap the total penalty payable at CI$1,000 / US$1,220 if satisfied that the failure is not due to wilful default.

7 At least one general partner must be an individual resident in the Cayman Islands, a company incorporated in the Cayman Islands, a company registered as a foreign company in the Cayman Islands, a limited liability company registered under the Limited Liability Companies Law of the Cayman Islands, a foreign limited partnership registered under the ELP Law or an exempted limited partnership itself.

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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