The Cayman Islands Department for International Tax Cooperation (DITC) recently confirmed an extension of the deadline for Cayman financial institutions to comply with their reporting obligations under Cayman's automatic exchange of information (AEOI) legislation.
The new deadline for reporting is 31 August 2017, rather than 31 July 2017, and the DITC has confirmed that no further extensions will be given.
It is important to note that the extension only applies to reporting obligations - the registration / notification deadline for CRS and US FATCA purposes has not been extended and remains 31 July 2017.
The vast majority of Cayman Islands investment funds will be classified as Cayman Reporting Financial Institutions under the Cayman Islands AEOI legislation and so have notification, reporting and other ongoing obligations, as we detailed in our previous May and June alerts.
Harneys' dedicated team of FATCA and CRS specialists can help advise on your compliance with these obligations, and provide registration, reporting and principal point of contact services.
Please contact your usual Harneys contact or visit www.harneys.com/Cayman if you have any questions or would like further advice on your AEOI obligations.