The Department of International Tax Cooperation (“DITC”) has issued an industry advisory confirming that the Automatic Exchange of Information Portal (“AEOI Portal”) has reopened with revised documentation.
The Cayman Islands AEOI Portal is now open for FATCA and CRS notifications and reporting. The regulatory deadlines are:
The AEOI Portal has new functionality allowing users to make PPoC change requests, Authorising Person change requests and Financial Institution deactivations and there is a revised AEOI Portal User Guide.
The DITC has issued a new entity self-certification form which should be used by Cayman Financial Institutions. The revision is necessary to clarify that for the purposes of CRS only, the threshold for a “Controlling Person” in respect of a legal person is direct or indirect ownership or control of 10 per cent or more of the shares or voting rights in the legal person, being the threshold specified by the Anti-Money Laundering Regulations (2018 Revision) which implement the FATF Recommendations in the Cayman Islands. Please note that the corresponding threshold for FATCA remains “more than 25 per cent”.
All Cayman Financial Institutions must remediate any affected accounts by 31 December 2018 so that they are in a position to report on Controlling Persons who are Reportable Persons under the CRS in 2019 based on the 10 per cent threshold.
The CRS Guidance Notes have been revised. Particular updates include:
For additional information, please contact Craig Fulton or Ruth Hatt, or your usual Conyers Dill & Pearman contact.
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US FATCA and CRS Update