{"id":7350,"date":"2017-01-18T13:20:24","date_gmt":"2017-01-18T13:20:24","guid":{"rendered":"http:\/\/chartergroupadmin.com\/?p=7350"},"modified":"2017-01-18T14:11:43","modified_gmt":"2017-01-18T14:11:43","slug":"crs-update-cayman-islands-second-tranche","status":"publish","type":"post","link":"https:\/\/chartergroupadmin.com\/index.php\/2017\/01\/18\/crs-update-cayman-islands-second-tranche\/","title":{"rendered":"CRS Update: Cayman Islands “Second Tranche”"},"content":{"rendered":"

CRS Update: Cayman Islands \"Second Tranche\"<\/h3>\n
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Cayman Hedge Funds and Investment Funds need to be aware of this CRS update.<\/p>\n

As an early adopter of the globally issued Common Reporting Standards (CRS), the Cayman Islands Government approved amendments to CRS Guidelines (known as \u201cSecond Tranche<\/em><\/strong>\u201d) in December 2016 to ensure an effective and appropriate local implementation.<\/p>\n

These amendments will be implemented in conjunction with the launch of the Cayman AEOI (Automatic Exchange of Information) portal to facilitate notification and filing (estimated completion by Q1 2017).<\/p>\n

The Cayman Islands has also opted for a wider approach regarding CRS Due Diligence, taking into consideration that the list of Participating jurisdictions might be amended by the OECD at later stage, it now looks to identify the tax status of all investors and their controlling persons - not only the ones deemed reportable.<\/p>\n

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Notification Procedure:<\/strong><\/h3>\n

CRS differs from FATCA in that every Cayman Financial Institution, whether classified Reporting or Non-Reporting, has an obligation to notify the Tax Information Authority (\u201cTIA\u201d) by April 30, 2017 via the updated Portal. In addition to the Principal Point of Contact, the notification must also include an individual that is authorised to provide the required information of any changes to TIA with respect to the notification.<\/p>\n

The Financial Institutions that have already notified the TIA of their status, for FATCA purposes, must still update their notifications to confirm whether they are also reportable for CRS or not.<\/p>\n

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Reporting Requirements:<\/strong><\/p>\n

Along with the notification, CRS also imposes the obligation to report via the Cayman AEOI Portal by May 31, 2017. The reports will be applicable to:<\/p>\n