CRS & FACTA Update from the Cayman Islands Department for International Tax Cooperation (“DITC”) - Waystone

      CRS & FACTA Update from the Cayman Islands Department for International Tax Cooperation (“DITC”)

      CRS & FATCA Regulations

      The DITC has issued guidance that each Cayman Islands company, partnership and trust, and its directors or equivalent fiduciaries, must ensure that it has been correctly classified for the purposes of the Common Reporting Standard (CRS) and /or Foreign Account Tax Compliance Act (FATCA) Regulations.

      The DITC will cross reference CRS and FATCA notification data against other data sources, such as Economic Substance notifications (“ESNs”), CIMA licences and registrations, General Registry nature of business classifications, and the IRS GIIN registration list.
      Under current regulations it is an offence for Financial Institutions (“FIs”) to fail to notify the DITC of their correct classification. All FIs with reporting obligations must, in addition, observe all other requirements under the CRS and FACTA Regulations. Any discrepancy found in classifications by the DITC will be met with appropriate compliance and enforcement action.

      Each FI and its directors, or equivalent fiduciaries, are responsible for compliance with the FACTA Regulations and may incur administrative penalties or other sanctions if there are found to be non-compliant. It is therefore important to ensure that all classifications are correct.

      Portal Access & Reporting Obligations

      In addition, the DITC has also issued a reminder that the Cayman Financial Institution (“CFI”) must appoint a Principal Point of Contact (PPoC) and an Authorising Person (AP) in all cases. It is the responsibility of the CFI to assign persons and ensure that they have full access to their account on the DITC portal.

      Waystone’s FACTA/CRS Compliance Solution

      Waystone’s team of compliance professional can assist you with all matters pertaining to your classifications and filings for FATCA/CRS, including filing your ES returns.

      CRS & FATCA Reporting Deadlines

      The table below highlights all reporting deadlines for the 2019 and 2020 reporting period:

      Reporting obligation Deadline
      Registration (notification) 30 April 2021
      2019 & 2020 CRS Reporting 31 July 2021
      2019 & 2020 CRS Filing Declaration 31 July 2021
      2019 & 2020 FATCA Reporting 31 July 2021
      2019 & 2020 CRS Compliance Form 15 September 2021

      Please also note that the filing deadlines for the following jurisdictions are as follows:

      Singapore, BVI and the UK 31 May 2021
      Luxembourg and Ireland 30 June 2021

      If you require any further information, please reach out to your usual Waystone representative or contact us below:

      Contact Us


       Next post

      More like this

      New location for Waystone’s Singapore operation as demand for its services continues to grow

      Waystone has today moved its Singapore operation to a new, central location in the heart of the financial district. In…
      Read more

      The future of global Investment Management: Scaling for success in 2024 and beyond

      In an environment of continuous competition, investment managers are focussing on where and how to scale operations to maximise performance…
      Read more

      UK Government finds EEA states, including the EU member states, equivalent under the Overseas Fund Regime

      On 30 January, the UK Government provided certainty to fund managers regarding the equivalence assessment for the EEA under the…
      Read more

      Highlights from Waystone’s Summit 2024, New York

      Our sixth annual Summit in New York saw industry leaders and Waystone’s experts delve into the latest trends, challenges and…
      Read more

      ELTIF 2.0 – the key to democratised private markets

      Democratisation of private markets has long been a top priority for asset managers, regulators and industry bodies. In Europe, the…
      Read more

      Happy Holidays

      Wishing you and your loved ones a joyous holiday season and a prosperous New Year.
      Read more

      Mastering success in Insurance-Linked Securities demands expertise and evolution

      The Insurance-Linked Securities (ILS) sector continues to attract investors seeking portfolio diversification. While the sector has always contended with challenges…
      Read more