Cayman Islands FATCA Reporting of American Depositors is TODAY – Don't Wait Until it is TOO Late to Come Clean!

August 10, 2016

Today Wednesday August 10, 2016 is the deadline for Cayman Islands financial institutions to complete their notification and reporting of American Clients' accounts to the Cayman Tax Information Authority, under the US Foreign Account Tax Compliance Act (FATCA).

Users of Cayman Islands vehicles which fall within the scope of FATCA, as Reporting Financial Institutions (FFIs), which will include most Cayman funds, are reminded that they have until the previously extended deadline of today August 10, 2016, to complete their notification and reporting to the Cayman Tax Information Authority.

Cayman Reporting Financial Institutions are reminded that their obligations under FATCA will include:

Registration with the United States IRS to obtain a Global Intermediary Identification Number (GIIN) and

Due diligence on investors and identification of any reportable accounts

Reporting Financial Institutions ("Reporting FIs") must report through the Cayman Islands AEOI Portal.

Users should expect heavy traffic on the Portal.

Today's FATCA deadline for Reporting FIs through the Cayman Islands AEOI Port, is also the UK FATCA (CDOT) deadline for Reporting FIs. Also in relation to CRS, Reporting FIs are reminded that 31 December 2016 is the deadline for the completion of due diligence on Preexisting High Value Individual Accounts.

Do You Have Undeclared Income

From A Grand Cayman Island Account or

A Grand Cayman Island Mutual Fund?

Want to Know if the OVDP Program is Right for You?

Contact the Tax Lawyers at

Marini & Associates, P.A.

for a FREE Tax Consultation

at: www.TaxAid.com or www.TaxLaw.ms

or www.OVDPLaw.com

or Toll Free at 888-8TaxAid (888) 882-9243

Sources:

Maplesand Calder

Collas Crill

call us toll free: 888-8TAXAID

Cayman Islands FATCA Reporting of American Depositors is TODAY – Don't Wait Until it is TOO Late to Come Clean!