News & Insights

CRS Update Q2 2016

The Cayman Islands Ministry for Financial Services has now published the CRS Guidance Notes.

The Guidance Notes have been developed in consultation with the Cayman Islands CRS Working Group and are intended to provide practical assistance on aspects of the CRS that are particular to the Cayman Islands and as a supplement to CRS Regulations. The Guidance Notes are not intended to replicate the information in the OECD CRS documents, such as the CRS Implementation Handbook and OECD Commentary on the CRS. 

The Guidance Notes make it clear that the Cayman Islands will not exchange information under CRS until it is satisfied that a partner jurisdiction has in place adequate measures to ensure the required confidentiality and date safeguards are met.

The first notification due date for the CRS in the Cayman Islands is 30 April 2017.  The first reporting due date for the CRS in the Cayman Islands is 31 May 2017.

This publication is for general guidance and is not intended to be a substitute for specific legal advice. Specialist advice should be sought about specific circumstances.