Cayman Islands extends 2016 deadlines for FATCA reporting and notification again

The Cayman Tax Information Authority (Cayman TIA) has announced that it will further extend the FATCA and UK FATCA reporting deadline for 2016 to 02 September 2016 (originally 31 May 2016 and then extended first to 08 July 2016 and then to 10 August 2016).

Cayman financial institutions (including Cayman funds) should have notified the Cayman TIA that they are “reporting financial institutions” for both FATCA and UK FATCA purposes when they completed the Cayman AEOI Portal registration and notification process in 2015, unless they benefit from non-reporting status. For those Cayman financial institutions that failed to check the relevant box on the notification form relating to being a reporting financial institution for UK FATCA purposes, such status would need to be notified to the Cayman TIA in 2016. The deadline for such UK FATCA notification is being further extended 02 September 2016 in recognition of the AEOI Portal issues users have experienced (the original deadline was 30 April 2016).

The Cayman TIA is not expected to impose enforcement measures or other sanctions provided Cayman funds and other Cayman financial institutions comply with these extended notification and reporting deadlines.

The above extensions apply only to the 2016 notification and reporting obligations only - the deadlines for subsequent years have not changed.

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