Following our Common Reporting Standards ("CRS") briefing of 22 October 2015 (click here for link to article) the Tax Information Authority of the Cayman Islands has now issued additional guidance and self-certification forms in accordance with the ongoing implementation of the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the "Regulations").
WHAT'S NEW?
The Self Certification forms have now been released. These forms may be used for compliance with the CRS as well as US and UK FATCA. Links to these forms are as follows:
Entity Self-Certification Form
Individual Self-Certification Form
In addition, a list of CRS participating jurisdictions and the CRS Non-Reporting Financial Institutions has been released.
WHAT STEPS NEED TO BE TAKEN?
Cayman Islands financial institutions that are affected by the CRS should be actively preparing for CRS compliance noting that the new account opening procedures should be in place for 1 January 2016. For further background reading, please see our CRS article of 30 September 2015 (click here for link to article).
WHAT'S COMING?
CRS Guidance Notes are expected to be released sometime during the first quarter of 2016 following a consultation process along with further parts of the Regulations which will address compliance and enforcement of the CRS in the Cayman Islands.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.