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Cayman Islands sets up Automatic Exchange of Information Portal for FATCA submissions

The Cayman Islands Department for International Tax Cooperation (DITC) recently provided additional information related to the registration of Financial Institutions and the filing of US-Cayman Intergovernmental Agreement (IGA) Foreign Account Tax Compliance Act (FATCA) related reports. The DITC indicated that it is in the final stages of testing the AEOI (Automatic Exchange of Information) Portal that will be used for FATCA submissions. The AEOI portal, which will be used for conducting notifications (i.e., registration) and reporting by or on behalf of financial institutions, is expected to be opened in early March 2015.

A few other items to note related to the AEOI Portal:

  • The reporting format will be consistent with currently published Schemas by the US Internal Revenue Service (IRS) regarding FATCA and by the Organisation for Economic Co-operation and Development (OECD) for the Common Reporting Standard (CRS), and will be in XML format.
  • Financial Institutions will have the option of submitting reports to DITC individually, by entering information manually on the website, or via bulk submission by uploading an XML file(s).
  • Financial Institutions that have registered as a sponsoring entity will have the ability to upload an XML file containing information for multiple Financial Institutions.
  • The notice indicated that Portal User Guidance Notes will be posted on the DITC website in due course.

The AEOI Portal site also announced that the Cayman Islands Cabinet has approved extending the Notification deadline from 31 March 2015 to 30 April 2015 (Notification – A Cayman Islands Financial Institution (FI) that has reporting obligations under US FATCA must notify the Tax Information Authority (TIA) of that fact and provide the following information: (i) The FI name; (ii) The FI categorization according to the US/Cayman IGA (e.g., Reporting Cayman Islands Financial Institution); and (iii) The FI GIIN, if the FI has registered with the IRS).

The following is a link to the Cayman Islands Competent Authority site that contains the update on the FATCA submission portal:

EYG no. CM5243

Download this Tax Alert as a PDF file.

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