Cayman Islands FATCA
Further to our recent update in relation to the obligation imposed on Cayman Islands Reporting Financial Institutions ("Cayman RFIs") to notify the Tax Information Authority (now formally referred to as the Department of International Tax Cooperation ("DITC")) of their reporting status by 30 April 2015, through the Automatic Exchange of Information ("AEOI") portal, the DITC has recently issued an industry advisory stating that notifications received on or before 12 May 2015 shall not "attract any adverse compliance consequences or enforcement measures". Notwithstanding the foregoing extension, the DITC still encourages Cayman RFIs to make "every effort" to conduct their notification by 30 April 2015 through the AEOI portal.
In a manner similar to the US IRS, the DITC has also indicated that it will "take a soft approach to enforcement in the first year of FATCA compliance".
Importantly within the advisory, the DITC confirms that the reporting deadline remains unaltered with Cayman RFIs being required to submit their first return under the US IGA by 31 May 2015.
British Virgin Islands ("BVI") FATCA
All Reporting BVI Financial Institutions ("BVI RFIs") must enrol on BVIFARS by 1 June 2015 in order to submit to the ITA the following information in respect of any US Reportable Accounts for 2014 by 30 June 2015:
- The name, address, US Tax Identification Number ("TIN") of the entity or individual accountholder and, where the accountholder is a Passive NFFE that has controlling persons who are Specified US Persons, the name, address and TIN of such persons;
- The account number;
- The name and identifying number of the BVI RFI; and
- The account balance or value as of the end of 2014.