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Common Reporting Standards Regulations are now in force in the Cayman Islands

October 2015 Gene A. DaCosta

What’s New?

As communicated in our Common Reporting Standards (“CRS”) article of 30 September 2015 (click here for link) it was expected that the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “Regulations”) would be finalised and passed into local legislation in October 2015. These regulations have now come into effect.

What steps need to be taken?

Cayman Islands financial institutions that are affected by the CRS should be actively preparing for CRS compliance noting that the new account opening procedures should be in place for 1 January 2016. For further background reading, please click on the link above to our previous CRS article.

What’s Coming?

Further parts of the Regulations (e.g. in respect of the specific requirements for compliance) are expected to be issued in December 2015. In addition, it is expected that additional guidance and self-certification forms are forthcoming.

Further Guidance

For further guidance on the CRS please contact us.

 

To continue reading full articles in PDF format:
Common Reporting Standards Regulations are now in force in the Cayman Islands

 


Gene A. DaCosta
Partner

CAYMAN ISLANDS   +1 345 814 7765


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Alerts

Common Reporting Standards Regulations are now in force in the Cayman Islands

22 October 2015 Gene A. DaCosta

What’s New?

As communicated in our Common Reporting Standards (“CRS”) article of 30 September 2015 (click here for link) it was expected that the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations, 2015 (the “Regulations”) would be finalised and passed into local legislation in October 2015. These regulations have now come into effect.

What steps need to be taken?

Cayman Islands financial institutions that are affected by the CRS should be actively preparing for CRS compliance noting that the new account opening procedures should be in place for 1 January 2016. For further background reading, please click on the link above to our previous CRS article.

What’s Coming?

Further parts of the Regulations (e.g. in respect of the specific requirements for compliance) are expected to be issued in December 2015. In addition, it is expected that additional guidance and self-certification forms are forthcoming.

Further Guidance

For further guidance on the CRS please contact us.

 

To continue reading full articles in PDF format:
Common Reporting Standards Regulations are now in force in the Cayman Islands

 


Gene A. DaCosta
Partner

CAYMAN ISLANDS   +1 345 814 7765


 

expertise

Corporate


JURISDICTION(S)

Cayman Islands


International Office(s)

Cayman Islands
Hong Kong
London
MENA
Singapore