Cayman Islands: Updated FATCA and CRS guidance

Updates related to the FATCA and common reporting standard (CRS) regimes

Updates related to the FATCA and common reporting standard (CRS) regimes

The Department for International Tax Cooperation (DITC) of the Cayman Islands issued updates related to the FATCA and common reporting standard (CRS) regimes.

The measures concern the following:

  • The XML Generator tool used by reporting financial institutions has been updated.
  • The requirement to obtain a U.S. taxpayer identification number (TIN) has been revised by the U.S. tax authority (IRS), and there is a new series of codes developed after recognizing that foreign financial institutions pursuant to a U.S. Model 1 intergovernmental agreement (IGA) jurisdiction are not able to obtain a U.S. TIN. The use of these codes is optional and does not signify that the foreign financial institutions will not be at risk of being found significantly noncompliant due to a failure to report the required U.S. TIN.

Read an April 2021 report [PDF 77 KB] prepared by the KPMG member firm in the Cayman Islands

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