Important updates to FATCA and common reporting standard (CRS) regimes for the Cayman Islands and British Virgin Islands
Cayman Islands updates:
The Department for International Tax Cooperation (DITC) of the Cayman Islands has recently provided an update in relation to the FATCA and common reporting standard (CRS) regime.
The key part of these updates are as follows:
- The DITC portal will now provide a feature to deactivate a financial institution should the entity no longer exist or be deemed a Cayman reporting financial institution
- There have been several technical changes to the DITC portal when submitting CRS data which has already been reported and this is noted to be able to align better with the Organisation for Economic Co-operation and Development (OECD) user guide
- The CRS reportable jurisdictions list for the 2021 reporting period has been updated and now includes Jamaica, Kenya, and Morocco -with Kuwait having been removed for 2022 reporting.
British Virgin Islands updates:
The International Tax Authority has advised all relevant entities that are required to report under the Common Reporting Standards (CRS), Foreign Account Tax Compliance Act (FATCA) and Country-by-Country Reporting (CbCr) that effective September 1, 2022, the International Tax Authority intends to introduce in reference to each entity enrolled in the BVI Fars Portal an annual fee of $185.
As a reminder, all relevant entities with reporting obligations are required to enroll in the BVI Fars portal to satisfy their respective obligations in relation to FATCA, CRS, and CbCr.
This intended fee will cover enrolment in the portal, review, and transmission of reporting submissions to partner jurisdictions, support, and maintenance.
How can Waystone help?
The Waystone International Tax Compliance Group provides customised AEOI Compliance solutions, designed to meet its clients’ FATCA/CRS obligations. To help achieve this, 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.
Our ITC Group specialises in providing support for Fund Directors, Responsible Officers, Principal Points of Contact, or any other governing body of investment funds and other reporting financial institutions in matters of compliance and reporting.
We provide a full suite of FATCA/CRS services, designed to manage any material risks and achieve compliance in your jurisdiction.
Please reach out to your usual Waystone representative or contact us.