Cayman Islands FATCA and CRS reporting deadline extended
The Cayman Islands have announced a final extension of the 2017 deadline for US FATCA and Common Reporting Standard (CRS) reporting to 31 August 2017.
The Cayman Islands Ministry of Financial Services and Home Affairs has announced a further and final extension to the deadline for reporting under US FATCA and the Common Reporting Standard (CRS) in relation to the calendar year 2016. All such reports must be made via the Cayman Automatic Exchange of Information (AEOI) Portal by 4pm on 31 August 2017 (extended from the previous deadline of 31 July 2017).
The announcement stresses that this is a “final extension and no further extensions will be given”. As a result Cayman Financial Institutions (FIs) with reporting obligations should now consider submitting their reports as soon as possible. All reporting Cayman FIs must submit a report, even if they have no reportable accounts. Failure to comply with the Cayman reporting obligations is an offence under Cayman law and may result in a fine of up to KYD50,000.
The deadline for Cayman Financial Institutions (FIs) to register and notify their status to the Cayman Islands Tax Information Authority (Cayman TIA) via the Cayman AEOI Portal remains 31 July 2017. For further details, see “Cayman Islands extends CRS and FATCA registration dates”.
