Cayman Islands Financial Institutions submit reports for FATCA and CRS via the DITC Portal
31 July following the reporting year for both FATCA and CRS.
A DITC update bulletin was posted in February 2022, containing details of the reportable jurisdictions for the 2021 reporting period and a technical change to the process for reporting CRS corrections.
For reports due in 2022 onwards, Jamaica, Kenya and Morocco have been added as reportable jurisdictions. Kuwait has been removed from the list of reportable jurisdictions.
Financial Institutions in the Cayman Islands submit reports for FATCA and CRS via the Department for International Cooperation (DITC) portal. Details of how to register and report are found in the published DITC Portal user guide. Separate reports are required for FATCA and CRS, by uploading XML files created using the relevant schema. Before reporting for the first time, Financial Institutions are required to notify a reporting obligation and register with the DITC. This is a 'one off' exercise and details of what is required are included in the DITC user guide
Cayman Islands Financial Institutions are required to submit FATCA reportable information via the DITC portal by uploading an XML file prepared using the standard FATCA_OECD v2.0 schema. Multiple Financial Institutions can be included in a combined submission file (for example for sponsored Financial Institutions or Trustee Documented Trusts).
Guidance notes and links to relevant law can be found on the FATCA page of the DITC website
Nil returns can be submitted on the DITC portal, although nil returns are not mandatory.
Where a Cayman Islands Financial Institution has no FATCA reportable accounts it will still be required to complete the notificiation requirement within the portal.
Cayman Islands Financial Institutions are required to submit CRS reportable information via the DITC portal by uploading an XML file prepared using the standard CRS schema. Multiple Reporting Financial Institutions may be included in a single report, however a separate report is required for each reportable jurisdiction for which the FI has reportable accounts.
All Cayman Islands Reportable Financial Institutions for CRS purposes must enrol with the DITC, even if the FI has no CRS reportable accounts to report.
Guidance notes and links to relevant law can be found on the CRS page of the DITC website.
After uploading details of reportable accounts in XML format, Cayman Islands Reporting Financial Institutions are required to submit a CRS Filing Declaration each year which confirms the number of reportable accounts by receiving country. The declaration effectively acts as a nil return for any receiving jurisdictions for which the FI does not have reportable accounts.
In addition to uploading details of CRS reportable accounts and completing the CRS filing declaration, Cayman Islands Financial Institutions are also required to submit the CRS Compliance Form, which provides additional statistics about the number and aggregate value of reportable and non-reportable accounts. The compliance form also contains questions about compliance procedures followed by the FI and therefore provides the TIA with a means of monitoring compliance with the CRS.
For the 2019 reporting period the deadline for submission is 31 March 2021. For subsequent reporting periods, the deadline is 15 September following the reporting period.
The most recent published list of reportable jurisdictions dated 31 January 2022, is published by the Department for International Tax Cooperation