All Cayman Islands entities classified as a financial institution under FATCA & CRS (In-scope entities) must complete and file their annual FATCA & CRS reports for 2022 (including reportable accounts and CRS filing declarations) by Monday 31 July 2023. In-scope entities must be registered and use the Cayman Islands Department for International Tax Cooperation (DITC) portal to complete this filing. Administrative penalties may be levied by the Tax Information Authority against an In-scope entity or an individual for a failure to meet the 31 July deadline.
In-scope entities must also file their CRS Compliance Form by the 15 September 2023 on the DITC portal.
Both Appleby and the DITC have published guidance on FATCA and CRS filings and requirements. The CRS Enforcement Guidelines are available here and the general DITC CRS Guidelines are available here. Appleby’s guidance on FATCA and CRS can also be accessed here.
HOW APPLEBY CAN HELP
Our regulatory team assists clients in determining their FATCA & CRS classifications and putting in place appropriate written policies and procedures to ensure compliance with the FATCA & CRS regimes.
This information is provided for general information purposes only and is not intended to constitute legal advice. For specific legal and regulatory advice, please contact any member of our Appleby regulatory team or your usual Appleby contact.
