Cayman Island financial institutions will enjoy an extension on their Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting deadline this year.
 
The Department for International Cooperation for Cayman Islands released a statement confirming that the Cayman Automatic Exchange of Information (AEOI) portal will be taken offline at noon on Friday, June 1, 2018 — one day after the May 31 statutory reporting deadline. Pursuant to the Notice, the Cayman Authority intends to reopen the portal from June 15, 2018, through August 31, 2018, to allow Cayman financial institutions additional time to complete their filing obligations.
 
Any reports filed on or before July 31, 2018, shall be considered timely and should not be subject to late-filing compliance measures.
 
Read the full Notice. 

Please contact a member of your service team or contact Cynthia Pedersen cpedersen@cohencpa.com for further discussion.

Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.