Jonathan McLeanThe scope of regulatory requirements in the Cayman Islands has increased significantly in recent years and requires Cayman-domiciled entities to meet ongoing regulatory filing requirements, in addition to other obligations as set out by the regulatory...
Clients are reminded of the following important filing dates for Financial Institutions (FIs) under the CRS and FATCA Regime and Economic Substance regime filings with the Tax Information Authority in the Cayman Islands.
Cayman Islands financial institutions have until 31 July 2025 to complete their FATCA reporting, CRS reporting and CRS filing declaration.
Key FATCA and CRS Deadlines for 2025 are:
30 April 2025 | Registration Deadline |
31 July 2025 | CRS Reporting |
31 July 2025 | CRS Filing Declaration |
31 July 2025 | FATCA Reporting |
15 September 2025 | CRS Compliance Form |
Additionally, clients are reminded to obtain the TIN(s) and DoB for Accounts by the end of the second calendar year following the year in which the Accounts were identified as Reportable Accounts. Read more on CRS Filings - FIs to Maintain DoB Information.
It is recommended to review the Updates Bulletin regularly, on the website for the Cayman Islands Department for International Tax Cooperation (DITC). The bulletin should be reviewed regularly by individuals and businesses that represent and/or advise entities which are subject to any legal framework administered by the Tax Information Authority.
The CRS has updated its Reportable Jurisdictions which can be viewed here.
The CRS enforcement guidelines v1.4 March 2023 detail some of the potential fines for entities and certain individuals in respect of the CRS regime.
Should you require any assistance with your obligations please contact your usual Stuarts attorney or get in touch with Jon McLean.