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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 31 March 2021 for all Cayman Financial Institutions and Trustee Documented Trusts. This new form will become an annual requirement from 2020 reports onwards.

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? Wednesday, 31 March 2021 for the 2019 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
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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.

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