Today Wednesday August 10, 2016 is the deadline for Cayman Islands financial institutions to complete their notification and reporting of American Clients' accounts to the Cayman Tax Information Authority, under the US Foreign Account Tax Compliance Act (FATCA).
Users of Cayman
Islands vehicles which fall within the scope of FATCA, as Reporting
Financial Institutions (FFIs), which will include most Cayman funds,
are reminded that they have until the previously extended deadline of today
August 10, 2016, to complete their notification and reporting to the
Cayman Tax Information Authority.
Cayman Reporting
Financial Institutions are reminded that their obligations under FATCA will
include:
- Registration with the United States IRS to
obtain a Global Intermediary Identification Number (GIIN)
and
- Due diligence on investors and identification of any reportable accounts
Reporting Financial Institutions ("Reporting FIs")
must report through the Cayman Islands AEOI Portal.
Users should expect heavy traffic on the
Portal.
Today's FATCA deadline for Reporting FIs
through the Cayman Islands AEOI Port, is also the UK FATCA
(CDOT) deadline for Reporting FIs. Also in relation to CRS, Reporting
FIs are reminded that 31 December 2016 is the deadline for the completion of
due diligence on Preexisting High Value Individual Accounts.
Do You Have Undeclared Income
From A Grand Cayman Island Account or
A Grand Cayman Island Mutual Fund?
Want to Know if the OVDP Program
is Right for You?
is Right for You?
Contact the Tax Lawyers at
Marini & Associates, P.A.
for a FREE Tax Consultation
at: www.TaxAid.com or www.TaxLaw.ms
or Toll Free at 888-8TaxAid (888) 882-9243
Sources:
Collas Crill
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