Cayman Islands: CRS reporting updates
Updates related to the common reporting standard (CRS) regime
Updates related to the common reporting standard (CRS) regime
The Department for International Tax Cooperation (DITC) of Cayman Islands in April 2024 issued updates related to the common reporting standard (CRS) regime. The updates are as follows:
- Reminders for CRS reporting: All financial institutions with a reporting obligation are reminded to submit a CRS filing declaration. This declaration either summarizes the number of account reports reported to each reportable jurisdiction or constitutes a nil return if the financial institution does not maintain any reportable accounts. Financial institutions with reportable accounts must include the following information for each account holder in the CRS XML: full name, address, TIN, date and place of birth, valid account number, and any closed accounts. Financial institutions with reporting obligations are also required to submit a CRS compliance form showing the total value of reportable and non-reportable financial accounts.
- CRS reportable jurisdictions: The reportable jurisdictions list for the 2023 reporting period has been updated to add Georgia, Kenya, Moldova, and Ukraine, and remove Uganda for the reports due in 2024.
Read a May 2024 report prepared by the KPMG member firm in the Cayman Islands
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