ARTICLE
8 April 2015

Cayman Issues User Guide To Automatic Exchange Of Information Portal

H
Harneys

Contributor

Harneys is a full-service offshore law firm offering expert legal advice on the laws of jurisdictions including the British Virgin Islands, Cayman Islands, Luxembourg, and more. Established in 1960, the firm has grown to 11 global locations with over 180 lawyers, serving top law firms, financial institutions, investment funds, and high-net-worth individuals. Harneys provides comprehensive legal support across transactional, contentious, and private client matters, often in collaboration with Harneys Fiduciary, which delivers corporate and wealth management services. Known for its role in shaping offshore jurisprudence, the firm also advises on legislative developments and excels in handling complex cross-border transactions and disputes.

As noted in an earlier update, the deadline for the registration of Cayman Islands Financial Institutions with the Cayman Islands Tax Information Authority was recently extended to 30 April 2015.
British Virgin Islands Tax

As noted in an earlier update, the deadline for the registration of Cayman Islands Financial Institutions with the Cayman Islands Tax Information Authority was recently extended to 30 April 2015. In anticipation of the upcoming go-live date of the Cayman Islands Automatic Exchange of Information Portal (Portal), the Cayman Islands Tax Information Authority has now issued guidance notes relating to the operation of the Portal. These can be downloaded here.

The reporting format is consistent with the schemas currently published by the US Internal Revenue Service for US FATCA and those published by the OECD for the Common Reporting Standard. All Cayman Islands Financial Institution must take steps to register with the Cayman Islands Tax Information Authority by 30 April 2015 and must take steps to provide the required reporting information by 31 May 2015 using the Portal.

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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