Progress bar

Cayman CRS compliance form

Insight 4 December 2020

Cayman CRS compliance form

As at 15 April 2020, the Department for International Tax Cooperation (“DITC”) released a new CRS Compliance Form (the ‘Form’) to complete by 15 September 2021* for all Cayman Financial Institutions and Trustee Documented Trusts. This new form will become an annual requirement from 2020 reports onwards.

*Please note, since the publication of this article, the Cayman authorities have amended the CRS Compliance Form deadline from 31 March 2021 to 15 September 2021. This article has been updated on 27 January 2021.

This requirement comes out of an on-going peer review of Transparency and Exchange of information for tax purposes, expected to lead to jurisdictional ratings on effectiveness in 2021. The Cayman Islands Tax Authorities have taken the steps, through this new requirement, to ensure data quality.

  • What is it? The annual certification of compliance.
  • Who does it apply to? All reporting FIs that maintain Financial Accounts and Trustee Documented Trusts.
  • When is it due? 15 September 2021 for the 2019 and 2020 filings. 15 September each year onwards.
    • The 2019 CRS filings are currently due by Wednesday, 16 December 2020.
  • How is this submitted? Through the DITC Portal (manual entry or bulk upload).
  • Who needs to submit? Principal Point of Contact or Secondary Users assigned to the FI.
  • Penalties for non-compliance? Failure to submit the form on time will lead to an administrative penalty.
  • The form requires input of values and numbers for non-reportable accounts.
  • The DITC also requires Cayman Financial Institutions to adopt Cayman specific CRS procedures, potentially triggering the need to review existing ones.

Click here to download

4 December 2020

Cayman CRS compliance form

Sanne Cayman CRS Update December 2020

Let’s start a conversation – how can Sanne help?

Should you require our expert team to advise on the various requirements needed, we would be delighted to speak with you to discuss how Sanne can assist, please contact: Lisa Aune, Lead Director, Corporate Services or Paul Séjournant, Associate Director, Product Development.

Other insights from Lisa Aune

Insight 1 December 2020
Economic substance requirements in Jersey
Card link - Go to a specific page
Insight 11 February 2019
TISE is approved as a designated offshore securities market by the US SEC
Card link - Go to a specific page