Analysis and Insights Cayman Islands AEOI Update
AEOI Portal The DITC has confirmed that the Cayman Islands AEOI Portal (the "AEOI Portal") for notification and reporting in relation to FATCA and CRS is now open and the relevant regulatory deadlines are (i) 30 April 2018 for notification (i.e. enrolment), and (ii) 31 May 2018 for reporting for the 2017 calendar year. Entities that became Cayman FIs after 30 April 2017, which was the statutory deadline for notification in 2017, should make their notifications to the DITC by this date. Other key announcements include: Updated Entity Self-Certification With effect from 1 April 2018, Cayman FIs and their agents and advisers must use the newly updated version of the Entity Self-Certification Form (the "Form") rather than any prior version. The updates to the Form include that the new threshold for a Controlling Person under CRS is 10% of the shares or the voting rights of an entity (being the threshold specified by the Anti-Money Laundering Regulations, 2017 which implement the FATF Recommendations in the Cayman Islands). The corresponding threshold for FATCA however remains "more than 25%" unless clients adopt the definition of Substantial U.S. Owner from the US Treasury Regulations which uses a 10% threshold. The DITC has also implemented a deadline of 31 December 2018 (as confirmed in the updated CRS Guidance Notes), whereby Cayman FIs must remediate any affected accounts so they are in a position to report on Controlling Persons who are Reportable Persons under CRS in 2019 based on the 10% threshold.