News & Insights

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.

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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