The Cayman Islands Government expects to announce the timeframe for the signing of intergovernmental agreements (IGA) with both the US and the UK on FATCA in the near future.
To indicate their intention to sign the agreement, Cayman and the US initialled a Model 1 IGA on August 13, 2013.
Cayman’s discussions with the UK on UK FATCA also are progressing towards the signing of a similar IGA.
On behalf of the Cayman Islands Government, the Ministry of Financial Services is liaising with US and UK government officials on the respective FATCA IGAs. However, the Ministry emphasises that as a Government agency, it cannot provide legal advice to foreign financial institutions, or individuals, regarding either FATCA.
Institutions and individuals therefore may wish to seek legal advice from qualified tax attorneys.