June 2021 Cayman Department of International Tax Cooperation (DITC) Update
On June 3, 2021, the Cayman DITC published an Updates Bulletin that includes details related to the Foreign Account Tax Compliance Act (FATCA), the Common Reporting Standard (CRS), and Economic Substance (ES) Reporting. In addition to minor reporting updates, the DITC stresses the importance of compliance in this area, as certain defenses previously accepted from FIs will not be allowed this year. FIs should strongly consider revisiting their FATCA and CRS classifications and
