Upcoming Deadlines for Cayman Islands Funds (Including Cayman Master Funds)
- June 10, 2016, Notification: (extended from April 30, 2016) U.S. FATCA and U.K. FATCA Cayman Notification
- A Cayman fund (including a Cayman master fund) is required to notify the Cayman Islands Tax Information Authority (“TIA”) (via the Cayman portal) that it is a reporting financial institution for both U.S. FATCA and U.K. FATCA (whether or not the fund has any account holders to report). Many funds may have already notified the TIA for U.S. FATCA in connection with 2014 reporting and will now need to do so with respect to U.K. FATCA.
- June 30, 2016, U.S. FATCA and U.K. FATCA Due Diligence: Due diligence of pre-existing accounts (investors in the fund before July 1, 2014) for U.S. FATCA and U.K. FATCA
- July 8, 2016, Reporting: (extended from May 31, 2016) U.S. FATCA and U.K. FATCA reporting for U.S. FATCA for 2015 and for U.K. FATCA for 2014 and 2015
- December 31, 2016, CRS Due Diligence: Due diligence of pre-existing accounts (investors in the fund before January 1, 2016) for CRS (for which notification and reporting will first be required in 2017)
Revisions to the self-certification form issued by the TIA for CRS, U.K. FATCA and U.S. FATCA
The TIA recently released a revised form of self-certification for Cayman funds. We believe that a Cayman fund that continues to use the prior form of Cayman self-certification released by the TIA in December 2015 will still be able to satisfy its diligence and reporting requirements under U.S. FATCA, U.K. FATCA and CRS. If a Cayman fund has not yet updated its subscription documents to include a self-certification that includes CRS information (i.e., the fund is using a self-certification form that only addresses U.S. FATCA and U.K. FATCA), it should do so as soon as possible. For a Cayman fund that has already updated its subscription documents to include the December 2015 form of self-certification, it does not need to do anything at this time but the next time the fund’s subscription documents are updated, they should be revised to include the April 2016 form of self-certification.