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Cayman Islands FATCA Update

27 April 2015

The Cayman Islands Tax Information Authority (“TIA”) on April 27, 2015 reminded Cayman Reporting Financial Institutions (“Cayman Reporting FIs”) of the April 30, 2015 Notification deadline and indicated that Cayman Reporting FIs should continue to make best efforts in submitting their Notifications by April 30, 2015. The TIA did indicate that they will be adopting a “soft approach to enforcement in the first year of FATCA compliance, as Financial Institutions familiarize themselves with the new AEOI Portal system.”

The TIA indicated they will not impose penalties on Notifications received after April 30, 2015 up to and including May 12, 2015.

The TIA reiterated the May 31, 2015 reporting deadline and indicated that this will not be extended.