Cayman Islands: Updated CRS enforcement guidelines

The deadline for 2021 CRS reporting is 1 August 2022.

The deadline for 2021 CRS reporting is 1 August 2022.

The Department for International Tax Cooperation of the Cayman Islands issued an updated version (v1.1) of the enforcement guidelines [PDF 1.1 MB] related to the common reporting standard (CRS) framework.

The new version replaces the previous version 1.0 issued in March 2022. Read TaxNewsFlash

The updated guidelines provide that the payment of any penalty must be made by wire transfer only per the payment details provided in Annex A of the guidelines. Failure to do so will result in rejection of the payment, and the penalty will be treated as outstanding. All communication related to the payment must include the below details:

  • Compliance reference
  • Financial institution name
  • Financial institution number

The compliance reference and financial institution name/number should be included when making a payment. The financial institution must confirm the amount and the date the payment was made and include evidence such as a copy of the wire transfer confirmation for the successful completion of payment.

KPMG observation

All parties with Cayman reporting requirements must timely file and comply with the requirements. Due to 31 July falling on a Sunday, the deadline for 2021 CRS reporting is 1 August 2022.

Read a June 2022 report [PDF 163 KB] prepared by the KPMG member firm in the Cayman Islands


The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.