Cayman Islands CRS Amendments: Key Changes
These changes will come into force on January 1, 2026 and January 1, 2027. They will directly affect Financial Institutions, crypto asset service providers, and compliance teams operating in the jurisdiction.
Below is a breakdown of the key changes to help you stay ahead.
Key CRS Amendments
The following amendments represent important compliance changes that Financial Institutions and service providers must prepare for. Each adjustment carries operational and regulatory implications, making it essential to understand the details and act early.
Registration Deadlines
- Entities becoming Financial Institutions in 2025 must register by April 30, 2026.
- From 2026 onwards, the registration deadline moves to January 31, with the first new deadline on January 31, 2027.
CRS Reporting Deadlines
- Annual CRS returns, including NIL returns, and CRS Compliance Forms will be due by June 30 instead of July 31.
- This applies to the 2026 reporting period, with the first new deadline on June 30, 2027.
Principal Point of Contact (PPoC)
- The PPoC must be a resident in the Cayman Islands.
- Entities registered before January 1, 2026 without a Cayman resident PPoC must submit a change form by January 31, 2027.
Crypto Asset Reporting
- Certain Crypto assets, electronic money products, and central bank digital currencies are now included in the definition of a Financial Assets.
- While the Crypto Asset Reporting Framework captures most service providers, certain entities might be captured by the CRS obligations.
Self-Certification and Due Diligence
- Valid self-certification forms must include all the required data points (i.e. TIN, DOB, tax residency, etc.) including certain additional information, such as the role of controlling persons, whether an account qualifies a New Account or Pre-Existing Account or the type of account, i.e. joint account. The DITC will issue updated self-certification forms.
Penalties and Monitoring
- Penalties are capped at KYD 50,000 (USD 60,000).
- Offences now include providing incomplete, incorrect, or unreliable information to the DITC.
Why This Matters for Your Business
These changes are not just regulatory updates. They are business critical compliance shifts. Missing deadlines or failing to adapt could mean financial penalties, reputational damage, and regulatory scrutiny.
Coming Soon
The DITC will be releasing the following in the coming weeks:
- New version of the Self-Certification Form (effective January 1, 2026)
- Updated 2026 CRS Guideline
- Updated 2026 Enforcement Guideline.
How Can Waystone Help
For more than a decade, Waystone has led the industry in AEOI compliance, including CRS. Our expertise covers the establishment of policies, governance frameworks, and the appointment of key parties, ensuring stakeholders are prepared to meet evolving regulatory demands.
In addition to providing a solution to fulfil the Cayman Islands residency requirement for the PPoC, the Waystone International Tax Compliance Group provides a full suite of FATCA/CRS services, designed to manage any material risks and achieve compliance in your jurisdiction. Our team uses its market-leading, proprietary tax information technology to ensure that Reporting Financial Institutions have the tools required to seamlessly fulfil their ITC obligations.
Waystone can also assist the governing bodies of relevant entities in tracking compliance with key CIMA and DITC obligations through our Governance Transparency Report. This tool is designed to support and simplify your current compliance and governance processes through clear tracking and reporting.
If you have any questions about any of the topics covered or want to learn more about how Waystone can support you in meeting your CRS obligations, please reach out to your usual Waystone representative or contact our Cayman Solutions team via the link below.