The Cayman Islands Ministry of Financial Services on September 14, 2015 issued the draft Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 for industry feedback.
The draft regulations have been approved by the Ministry’s FATCA/CRS Working Group. They confirm the use of a self-certification document, though the final form this will take has yet to be released.
Some key dates associated with the measures include January 1 when new investor on-boarding procedures to be in place; April 30, 2016, when Notification by Reporting Financial Institutions via the TIA’s portal are due; and December 31, 2016 when pre-existing high value individual account holder due diligence must be complete.
The first reporting date for Reporting Financial Institutions under CRS as it relates to the 2016 year will be 31 May, 2017, and pre-existing lower value individual account holders and entity account holders due diligence to be completed by December 31, 2017.
Cayman Islands Ministry of Financial Services, Cayman, Tax, Tax Information Authority