On June 27, 2024, the Cayman Islands Department for International Tax Cooperation (DITC) issued an Updates Bulletin in which it updated its CRS Reporting Reminders.
Cayman Reporting Financial Institutions (FIs) must file a CRS return in the DITC portal for each Reportable Account the FI maintained during the reporting period. If the FI did not maintain any Reportable Account in a Reportable Jurisdiction, the FI must file a nil return.
FIs must also submit an annual CRS Filing Declaration in the DITC Portal. If an FI has no Reportable Accounts, the CRS Filing Declaration constitutes a nil return. For those FIs with Reportable Accounts, the CRS Filing Declaration summarizes the number of accounts reported and should be submitted after the FI submits its CRS XML Returns.
FIs must ensure they are reporting the appropriate jurisdiction for each reportable account holder. The required jurisdiction is the tax jurisdiction(s) in which the account holder is a tax resident. This may or may not be where the person was born, where the passport on file is from, or where mail is sent.
For XML-specific reminders, read the complete Updates Bulletin.
Reporting Deadlines
The DITC previously announced this year’s deadlines.
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