CRS Update Has Ramifications For Cayman Captives

In January 2017, Becky Butcher of the Captive Insurance Times talked to Cayman Islands partner Lucy Frew on the Common Reporting Standard ("CRS") and Cayman Captives.

Captive insurance professionals need to be aware of certain points arising from the updated Common Reporting Standard Regulations, according to Lucy Frew, partner of Walkers Global.

The Cayman Islands government has recently approved legislation to amend the Cayman Tax Information Authority for International Tax Compliance and Common Reporting Standard Regulations.

The purpose of updating the legislation is to ensure an effective implementation of CRS.

Frew explained that there are certain differences in the entity classification rules under the CRS Regulations and the US Foreign Account Tax Compliance Act (FATCA).

The new legislation means every Cayman financial institution, whether a Cayman reporting financial institution or a non-reporting financial institution, has to notify the tax information authority of their status by 30 April 2017.

 

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CAYMAN ISLANDS
Lucy FrewPartnerT +1 345 814 4676lucy.frew@walkersglobal.com
Derek StensonSenior CounselT +1 345 914 4221derek.stenson@walkersglobal.com

LONDON
Lucy FrewPartnerT +1 345 814 4676lucy.frew@walkersglobal.com