Cayman Islands Financial Institutions Face New Reporting Obligations

Introduction

The Cayman Islands Tax Information Authority (TIA) has issued new guidance notes on the Common Reporting Standard (CRS), requiring local financial institutions to register and report on certain equity and debt interests in investment entities.

Definitions

A “branch” is defined as a unit, business, or office of a financial institution that is treated as a branch under the regulatory regime of a jurisdiction or regulated under the laws of a jurisdiction as separate from other offices, units, or branches of the financial institution.