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Under the Cayman Islands framework implementing the US Intergovernmental Agreement (IGA) for the Foreign Account Tax Compliance Act (FATCA) and the OECD Common Reporting Standard (CRS), Cayman Islands Financial Institutions (“FIs”), including investment funds, are subject to mandatory international tax reporting requirements.
These regimes require the disclosure of specified financial account information relating to US persons and individuals residing in other participating jurisdictions to the Department for International Tax Cooperation (“DITC”).
To meet these obligations, FIs are required to:
• Obtain a Global Intermediary Identification Number (GIIN) from the US Internal Revenue Service; and
• Complete a one-time registration on the DITC online reporting portal by April 2026, where not already registered.
Following successful registration, Financial Institutions must comply with the ongoing annual CRS and FATCA reporting deadline of 31 July each year, reporting information for the preceding calendar year in accordance with Cayman Islands regulations. Ongoing compliance includes timely annual filings, maintaining accurate classifications, and ensuring that reportable account information remains up to date.
How We Can Assist
We provide comprehensive support to Cayman Islands entities across the full CRS and FATCA compliance lifecycle, including FI classification reviews, GIIN applications, DITC portal registration, preparation and submission of annual reports, and ongoing regulatory compliance support. Our team ensures all filings are completed accurately and in line with current Cayman Islands regulatory requirements.
For further information or assistance, please contact us below.
