The Cayman Islands Government has opened its online Automatic Exchange of Information Portal for registration and reporting under FATCA.\u00a0 The deadline for notification in advance of reporting is less than three weeks away.<\/p>\n
Further to regulations (the Tax Information Authority (International Tax Compliance) (United States of America) Regulations, 2014 (\u201cUS FATCA Regulations<\/strong>\u201d) and the Tax Information Authority (International Tax Compliance) (United Kingdom) Regulations, 2014 (\u201cUK FATCA Regulations<\/strong>\u201d and together with the US FATCA Regulations the \u201cFATCA Regulations<\/strong>\u201d)\u00a0 issued under certain Intergovernmental Agreements between the United States and the Cayman Islands and separately the United Kingdom and the Cayman Islands for the implementation of the Foreign Account Tax Compliance Act (\u201cFATCA<\/strong>\u201d), Cayman Islands \u201cfinancial institutions\u201d (as defined by FATCA), including investment funds, will generally be required to register with, and if necessary, report to the Cayman Islands Tax Information Authority ( the \u201cTIA<\/strong>\u201d).<\/p>\n The Cayman Islands Department for International Tax Cooperation (part of the TIA) has now opened the online Automatic Exchange of Information Portal (the \u201cAEOI Portal<\/strong>\u201d) enabling Cayman Islands financial institutions, including investment funds, to undertake their FATCA notification and reporting.<\/p>\n Every Cayman Islands financial institution which has a reporting\u00a0obligation<\/em>\u00a0must notify the TIA in advance of reporting and the notification must be completed on the AEOI Portal by 30 April 2015.\u00a0 This is a previously extended notification deadline but remains in effect and so Cayman Islands reporting financial institutions should register on the AEOI Portal as soon as possible.\u00a0 The first reporting deadline is 31 May 2015 and such reporting is only pursuant to the US FATCA Regulations and relates to new individual accounts held by US Specified Persons.\u00a0 In the future the AEOI Portal will be used for other similar reporting obligations under the FATCA Regulations which shall be phased in during the next three years.\u00a0 It is also expected that the AEOI Portal shall be used for other reports under the forthcoming Common Reporting Standard of the Organisation for Economic Co-operation and Development.<\/p>\n The Cayman Islands Automatic Exchange of Information Portal can be viewed by clicking here: https:\/\/caymanaeoiportal.gov.ky\/VizorPortal <\/a><\/p>\n The AEOI Portal Guidance Notes can be found here:
\nhttp:\/\/tia.gov.ky\/pdf\/User_Guide.pdf<\/a><\/p>\n