News & Insights

FATCA & CRS Update Q2 2018

The Department for International Tax Cooperation wishes has advised Industry that the statutory reporting deadline for CRS and US FATCA remains 31 May 2018.

It is intended that the AEOI Portal will remain open until 31 August 2018 to permit Cayman Financial Institutions additional time to fulfil their reporting obligations.

Completion of 2017 CRS and US FATCA reporting obligations on or before 31 July 2018 will not result in compliance measures being taken for late filing and will not therefore attract adverse consequences, enforcement measures or penalties. Reporting submitted thereafter will be noted and may be subject to compliance reviews by the DITC.

It is anticipated the AEOI Portal will go offline on 31 August 2018 for the preparation of data transmission to the Competent Authorities of relevant treaty partners.

Contact our experts for further advice

Chris Humphries

Managing Director and Head of Funds

Tel:+1 (345) 814-7911

,

Partner and Head of Corporate

Tel:+1 (345) 814-7904

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.

“Compact independent firm that remains a sound choice for funds counsel in the jurisdiction. Well versed in acting for fund managers, promoters and international investors, providing guidance on the structuring and formation of funds, portfolio transactions and regulatory compliance issues, as well as restructuring and litigation. Notable for its expertise in cryptocurrency funds and related investments.”
Publication Recognition - Chambers & Partners
Stuarts Humphries “impresses clients with its responsiveness, industry knowledge and value for money, especially when compared to some of the larger firms in the domicile.”
Publication Recognition - Legal 500
“Boutique firm offering prompt personal service and expertise covering a wide range of areas.”
“Very responsive team with wide knowledge on funds-related issues, including crypto funds.”
Fund Client Testimonial - IFLR 1000
“They are just phenomenal, the advice that they give strikes a real balance between business and legal issues, and they have real-world solutions instead of sitting in an ivory tower.”
Client Testimonial - Chambers & Partners
“The team gives prompt responses and is able to distill complex questions into easy-to-understand issue.”
Fund Client Testimonial - Legal 500
“The partners roll up their sleeves, take great pride in the work they do and go to great lengths to make themselves available.”
Client Testimonial - Chambers & Partners
“Stuarts Humphries, understands the complex issues we face and the firm offers substantial value in relation to the fees charged.”
Legal 500
“They are very thorough, knowledgeable and most importantly very responsive.”
Fund Client Testimonial - IFLR 1000
“Their strongest point is their customer service. They are incredibly responsive and helpful in meeting our deadlines.”
Fund Client Testimonial - Chambers & Partners
“They provide straightforward, practical advice and the level of attention we receive is very high. They are good at dealing with commercial matters in a commercial context.”
Legal 500

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