How do I submit a Notification to the TIA?
Notifications are submitted via the DITC Portal.
Do I have to submit a Notification each year?
No, this is a one-off process.
How do I edit my Notification?
The Principal Point of Contact (PPoC) can do this via the DITC Portal.
How do I submit Reporting to the TIA?
Reporting is submitted via the DITC Portal. If you are a new user, you will need to submit a Notification to register the Financial Institution.
When can I submit my Reporting?
When the DITC Portal is open you can submit reporting for all available years listed on the XML Upload page.
Can I submit test returns?
Testing is not permitted within the DITC Portal.
I have received an error from a partner jurisdiction – what do I do?
Review the error issued by the partner jurisdiction on the DITC Portal. You can also contact the DITC regarding a specific error once you are logged in.
When can I deactivate an FI?
At this time we are not accepting deactivation requests via the DITC Portal. The deactivation functionality will be made available in Q4 of 2021.
I want to resign as a PPoC/AP but I don’t know who the new users should be – what do I do?
You should first ascertain who the new users should be by:
- contacting the Directors; and/or
- contacting the registered office.
If no response is received, email the DITC at CaymanAEOIPortal@gov.ky and include the following information:
- your reason for resigning;
- the steps you have taken to find the new users, and;
- contact details for the Directors you hold
What happens if the FI fails to submit the CRS Compliance Form by the deadline?
The FI would be in breach of Part 2 of the CRS Regulations if it fails to submit the CRS Compliance Form by the deadline and an administrative penalty will be automatically issued by the Authority.
What happens if the FI is not able to obtain the required information to complete section 2 of the CRS Compliance Form?
Section 2 of the CRS Compliance Form provides an option to confirm that the existence, number or value of Non-Reportable Accounts is unknown. Please note where this option is selected, it is likely the FI will be subject to follow up from the Authority.
Is the CRS Compliance Form required for Trusts and Private Investment Companies (PICs) classified as Investment Entity – Type B?
Yes, the CRS Compliance Form must be submitted by all FIs, including trusts and PICs.
Is the CRS Compliance Form to be submitted in addition to the CRS Return and CRS Filing Declaration?
Yes, each FI much complete the CRS Return, CRS Filing Declaration, and CRS Compliance Form on an annual basis.
Are you required to report undocumented accounts in Question 4.6?
Question 4.6 does not apply to undocumented accounts.
How do you answer question 3.1, if the FI does not have a calendar year end?
Where the FI does not have a calendar year end, the question on audited financial statements applies to the financial year ending in the calendar year on which you are reporting (i.e. Financial Year end is July, when completing the CRS Compliance Form for 2019, the question is – have the Financial Statements for the year ending July 2019 been subject to an audit).
Is the reference to non-reportable accounts in section 2 a reference to activity of any account over the year or just the year end?
When completing section 2, the same rules as outlined in the CRS Regulations apply. The balance as at the end of the relevant reporting period should be reported.
Is there guidance on the CRS Compliance Form?
Do Trustee Documented Trusts need to complete the CRS Compliance Form?
Yes, TDT’s are required to complete the CRS Compliance Form.
Do all FIs need to complete the CRS Compliance Form?
All FIs registered on the DITC Portal must complete the CRS Compliance Form annually, except investment managers and advisers that confirmed on registration that they have no Financial Accounts by virtue of Section VIII.C.1.a) of Schedule 1 to the CRS Regulations:
1. The term “Financial Account” means an account maintained by a Financial Institution, and includes a Depository Account, a Custodial Account and,
a. in the case of an Investment Entity, any equity or debt interest in the Financial Institution. Notwithstanding the foregoing, the term “Financial Account” does not include any equity or debt interest in an Entity that is an Investment Entity solely because it:
(i) renders investment advice to, and acts on behalf of, or
(ii) manages portfolios for, and acts on behalf of, a customer for the purpose of investing, managing, or administering Financial Assets deposited in the name of the customer with a financial Institution other than such Entity.
What is the legal basis that permits the DITC to collect this information?
The Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2020 amendment of Regulation 9(1) provides the legal basis for the Authority to collect the CRS Compliance Form annually.
Who can submit the CRS Compliance Form?
The PPoC or any Secondary Users assigned to the FI will be the only persons able to submit the CRS Compliance Form via the DITC Portal.
Can you submit account information in any currency?
Section 2 provides the option to choose any currency. The Authority recommends that the currency used to complete the CRS Compliance Form is the same as that used in the CRS Report. Where multiple currencies are used in the CRS Report, FIs should use the currency most frequently used. It is not currently anticipated that the CRS Compliance Form will accommodate multiple currencies.
Will bulk uploads of the CRS Compliance Form be allowed?
The CRS Compliance Form will initially only be available by smart form on the DITC Portal. It is expected that the bulk upload feature (in CSV format) will be added in 2021.
How do I submit the CRS Compliance Form?
The CRS Compliance Form is submitted via the DITC Portal by the PPoC or a Secondary User of the FI.
What is the deadline to submit the CRS Compliance Form?
The annual deadline for the CRS Compliance Form is 15 September.
How do I report a Pre-existing Entity Account that is below the threshold for reporting?
Such accounts would not be considered Non-Reportable accounts for the purposes of the CRS Compliance Form. Please note that these accounts should be included in the total value of the FI’s Financial Accounts for the reporting period (question 2.1).
How should I report details of a Financial Account where the Account Holder and all Controlling Persons are not Reportable Jurisdiction Persons and are in different jurisdictions, for example US and The Bahamas?
This account should be treated as one Financial Account for the purpose of answering question 2.1. Where an account is a Non-Reportable account for more than one reason, it should be reported once for each reason in the Compliance Form. For example, where the Account Holder and all Controlling Persons are either resident in The Bahamas or a US Person (i.e. not qualifying as Reportable Jurisdiction Persons), the response to question 2.5 in the Compliance Form must be “Both”, and the account must be reported once under both question 2.5.1 and 2.5.2.
How should I report a joint account?
A joint account should be treated as one Financial Account for the purpose of answering question 2.1. Only if the joint account is a Non-Reportable account in relation to all joint Account Holders, it should be treated as a Non-Reportable Account. If the joint account is a Non-Reportable account for more than one reason, it should be reported once for each reason in the Compliance Form. For example, where a joint account has two Account Holders, one resident in the British Virgin Islands and one being a US Person (both not qualifying as Reportable Jurisdiction Persons), the response to question 2.5 in the Compliance Form must be “Both”, and the joint account must be reported both under question 2.5.1 and 2.5.2.