Further Information Issued Regarding Cayman and BVI Fatca RequirementsMarch 27, 2015
UPDATED USER GUIDE
The Cayman Islands Tax Authority has issued an update to the AEOI Portal User guide, which can be found here
The update includes information about browser requirements and security settings, therefore it is useful if you are currently experiencing trouble accessing the portal. Also, some clarifying wording was incorporated into the section detailing the requirements for the PDF authorization letter which must be attached to the notification. Elian has created a template for use in the notification process which can be found here.
SOME WELCOME RELIEF
The Cayman Islands government has approved the waiving of mandatory nil returns for Cayman Islands, which will mean than Reporting FI’s in the Cayman Islands will not be required to submit a return if they do not have any Reportable Accounts. All Reporting FI’s will still be required to go through the notification process on the portal.
UPDATED GUIDANCE NOTES AND FILING DEADLINE
The British Virgin Islands International Tax Authority released Version 2.0 of their FATCA Guidance Notes, which can be found here
BVI has extended the deadline for reporting under US FATCA to June 30, 2015. This applies for 2014 reporting only and thereafter the annual deadline will revert back to May 31.