The Foley Adviser

Cayman Islands FATCA/CRS Reporting Deadlines Extended

May 31, 2018

On May 30, 2018, the Cayman Islands announced that 2017 FATCA and Common Reporting Standard (CRS) reporting obligations may be completed by July 31, 2018 without adverse consequences, enforcement measures or penalties.

Technically, the reporting deadline for 2017 FATCA and CRS returns is still May 31, 2018; this announcement, however, effectively extends the reporting deadline to July 31, 2018.

The Cayman Islands FATCA/CRS reporting portal will be closed on June 1, 2018, but will reopen on June 15, 2018.

FATCA: Each Reporting Cayman Islands Financial Institution that had “reportable accounts” for FATCA purposes during 2017 must file a 2017 FATCA report through the Cayman Islands reporting portal by July 31, 2018. Nil reporting is not required under FATCA.

CRS: Nil reporting is required under CRS. Accordingly, each Reporting Cayman Islands Financial Institution must file a 2017 CRS report through the Cayman Islands reporting portal by July 31, 2018 – as a nil report or to report information about “reportable accounts.”