Updates in respect of Automatic Exchange of Information (“AEOI”) | Cayman Islands

The Cayman Islands Department for International Tax Cooperation has issued an industry advisory which includes updated lists of CRS Participating Jurisdictions and CRS Reportable Jurisdictions.

The notification and reporting deadlines currently remain at 30 April 2018 and 31 May 2018 respectively.

A number of what were previously only Participating Jurisdictions are now Reportable Jurisdictions for reports due in 2018 onwards, meaning the total Reporting Jurisdictions for 2018 has doubled to 90, as compared to 45 for 2017.

The CRS Guidance Notes will be updated later in February 2018 to reflect these and certain other changes regarding the CRS.

A revised form of Entity Self-Certification will be released later in February 2018.

The AEOI Portal User Guide will also be updated to reflect new functionality on the AEOI Portal, including new processes for changing the Principal Point of Contact or Authorising Person of a Cayman Financial Institution and for deactivating a Cayman Financial Institution.

The AEOI Portal is expected to reopen in early March 2018.