It may not be hurricane season yet but filing season in Cayman is certainly upon us. An entity classified as a Cayman Islands financial institution under FATCA & CRS (In-scope entity) must complete their FATCA & CRS registration on the Cayman Islands Department for International Tax Cooperation ("DITC") portal by 1 May 2023, ahead of the annual filing deadline of 31 July 2023.
This registration requirement applies to any In-scope entity who commenced carrying on business activities during the 2022 calendar year. The DITC confirmed on 5 April 2023 (available here) that as the 2023 statutory registration deadline falls on Sunday 30 April 2023, an In-scope entity has until Monday 1 May 2023 to register on the DITC portal.
OTHER KEY UPCOMING FATCA & CRS FILING DATES FOR AN IN-SCOPE ENTITY:
31 July 2023: complete and file its annual FATCA & CRS reports (and CRS declaration) on the DITC portal.
15 September 2023: complete and file its annual CRS compliance form on the DITC portal.
NEXT STEPS
In order to comply with the Cayman Islands FATCA & CRS regime, an In-scope entity should carry out the following steps:
STEP 1: REGISTRATION
(Where required) register on the DITC portal no later than 1 May 2023.
STEP 2: POLICIES AND PROCEDURES
An In-scope entity is required to implement a FATCA & CRS compliance program requiring them to have appropriate oversight of service providers appointed to carry out FATCA & CRS reporting, and, in relation to CRS, put in place written policies and procedures evidencing how CRS due-diligence and reporting is being carried out.
STEP 3: REVIEW THE LATEST LIST OF CRS REPORTABLE JURISDICTIONS
On 31 March 2023, the Cayman Islands Gazette published the latest list of CRS participating jurisdictions and CRS reportable jurisdictions (available here). The following jurisdictions were added to the list of reportable jurisdictions for the 2023 reporting year.
- Jordan
- Moldova
- Montenegro
- Thailand
- Uganda; and
HOW WE CAN HELP
Our regulatory team regularly assist clients determine their FATCA & CRS classification and subsequently assist those clients put in place appropriate written policies and procedures to ensure compliance with the FATCA & CRS regimes. Our corporate service provider Appleby Global Services can also assist clients smoothly and efficiently register on the DITC portal, obtain a GIIN (FATCA only), collect, review and verify self-certification forms for accountholders, fulfill their FATCA & CRS notification and reporting obligations and act as principal point of contact or authorised person.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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