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.
Cayman CRS compliance formSanne Cayman CRS Update December 2020
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.