Cayman Islands: Updated FATCA and CRS guidance

The Department for International Tax Cooperation (DITC) of Cayman Islands in March 2024 issued updates related to the FATCA and common reporting standard (CRS) regimes.

The updates are as follows:

• A reminder to reporting financial institutions that the CRS regulations mandate reporting of date of birth (DoB) for all reportable persons, including account holders and controlling persons. Financial institutions are required to keep DoB information in their records, regardless of account status, and report accurate DoB for all account holders and controlling persons in CRS XML returns for the 2023 reporting period by 31 July 2024. Failure to comply with this requirement may result in compliance and enforcement actions against the FI.
• The DITC reviewed the submitted data for the 2022 reporting period, and notes that approximately 10% of financial institutions that submitted CRS XML returns failed to report a DoB for individual account holders and/or controlling persons.
• The DITC portal is open for 2023 FATCA and CRS XML uploads.
  • The registration deadline for FATCA and CRS returns is 30 April 2024.
  • The reporting deadline for FATCA and CRS returns—including CRS nil returns—is 31 July 2024.
  • The deadline for submitting the CRS compliance form is 16 September 2024, as the statutory deadline of 15 September 2024 falls on a Sunday.

Read a March 2024 report prepared by the KPMG member firm in the Cayman Islands