FATCA & CRS Update - Q3 2017

Each Cayman Islands Financial Institution should by now have (i) made a notification on the Cayman Islands Tax Information Authority’s AEOI Portal in relation to CRS; and (ii) filed its annual FATCA and CRS returns in respect of financial accounts held during 2016 on the AEOI Portal.

The AEOI Portal is currently closed.  The Department for International Tax Cooperation (the “DITC”) has advised that, once data submitted prior to the Portal closing has been transmitted to the IRS and the CRS Common Transmission System, the AEOI Portal will reopen to allow Cayman Islands Financial Institutions to complete any outstanding reporting. The reopening of the AEOI Portal will be communicated through an Industry Advisory and on the AEOI Portal News and Updates page of the DITC’s website. The AEOI Portal is not anticipated to reopen until late October or early November 2017 at the earliest.