CAYMAN ISLANDS: Further Extension to 2016 Deadlines for FATCA Reporting and Notification

Wednesday June 15 2016

The Cayman Islands Department for International Cooperation (DITC) has announced that it will further extend the FATCA and UK CDOT reporting deadline for 2016 to 10 August 2016 (initially 31 May 2016, which was further extended to 08 July 2016).

Cayman Islands financial institutions and funds should have notified the Cayman Department for International Tax Cooperation (Cayman TIA) that they are “reporting financial institutions” for both FATCA and UK CDOT purposes when they completed the Cayman AEOI Portal registration and notification process in 2015, unless they benefited from non-reporting status. For those Cayman financial institutions that failed to check the relevant box on the notification form relating to being a reporting financial institution for UK CDOT purposes, such status would need to be notified to the Cayman TIA in 2016. The deadline for such UK CDOT notification is being further extended from 10 June 2016 to 10 August 2016 (the original deadline was 30 April 2016).

The Cayman TIA will not impose enforcement measures or other sanctions provided Cayman funds and other Cayman financial institutions comply with the extended notification and reporting deadlines.

The above extensions apply to the 2016 notification and reporting obligations only. The deadlines for subsequent years have not changed. The DITC notes that no further extensions will be made beyond this two-month period.

Please click on the above link for further information.