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FATCA & CRS Reporting Update - June 2021

A summary of a June 2021 update from the Department for International Tax Cooperation ("DITC") on FATCA and CRS reporting in the Cayman Islands.

FATCA and CRS Reporting Open

The DITC Portal is now open for 2020 FATCA XML uploads. Filing deadlines are as follows:

Reporting Obligation	Deadline
Registration (notification)	30 April 2021
2019 & 2020 CRS Reporting	31 July 2021
2019 & 2020 CRS Filing Declaration	31 July 2021
2019 & 2020 FATCA Reporting	31 July 2021
2019 & 2020 CRS Compliance Form	15 September 2021

CRS Compliance Form – Bulk Upload CSV

The DITC has published the bulk upload CSV template for the CRS Compliance Form. This is an alternative to the smartform version currently available on the Portal and is designed for Users with access to a large number of FIs on the Portal. Users with a small number of FIs may find it easier to use the smartform version. The template can be downloaded from the DITC website. It can be prepared in Excel – however it must be submitted to the Portal as a CSV file. Users are strongly advised to read the Explanatory Note accompanying the template and Section 5.F. of the CRS Guidelines to assist with the completion of the CSV file.

Questions generally regarding CRS or FATCA can be sent to the DITC Portal Team on CaymanAEOIPortal@gov.ky.

Contact our experts for further advice

Chris Humphries

Managing Director and Head of Funds

Tel:+1 (345) 814-7911

,

Jonathan McLean

Partner and Head of Banking & Regulatory

Tel:+1 (345) 814-7930

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.

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