All new Cayman Islands Financial Institutions are required to submit a one-time FATCA and CRS notification by 1 May 2023.

The other key FATCA/CRS deadlines for 2023 are as follows:

• FATCA/CRS registration (one-time notification) - 1 May 2023

• CRS Reporting - 31 July 2023

• CRS Filing Declaration - 31 July 2023

• FATCA Reporting - 31 July 2023

• CRS Compliance Form - 15 September 2023

The Cayman Islands Department for International Tax Cooperation (DITC) has stated that it will consider appropriate compliance and enforcement action where misclassification and non-compliance (including failure to register with the DITC) is discovered, including administrative penalties and fines.

The CRS enforcement guidelines v1.4 March 2023 detail some of the potential fines for entities and certain individuals in respect of the CRS regime.