Cayman Islands – CRS and FATCA Compliance

For the purposes of CRS/FATCA reporting via the DITC Portal, all Cayman Financial Institutions (“CFI”) must appoint a Principal Point of Contact (PPoC) and an Authorising Person (AP) in all cases. It is the responsibility of the CFI to assign persons and ensure that they can access their account on the DITC portal.

The DITC also advises industry that it will be conducting CRS compliance measures from April 2021. All client entities must carefully double-check that they have been correctly
classified for CRS and FATCA purposes and are complying with all applicable obligations. Further information can be found in the Updates Bulletin here:

• https://www.ditc.ky/wp-content/uploads/news-updates.pdf

For your convenience, we have attached the CRS Guidelines v.4 issued on 6 November 2020.

• https://www.ditc.ky/wp-content/uploads/ditc_crs_guidelines.pdf

A “Cayman Financial Institution” means a Custodial Institution, a Depository Institution, an Investment Entity or a Specified Insurance Company –

(a) resident in the Islands other than any of the institution’s branches outside the Islands; and
(b) a branch in the Islands of a Financial Institution not resident in the Islands.

An “Investment Entity” is defined as any Entity that:

(a) primarily conducts as a business one or more of the following activities or operations for or on behalf of a customer:

i) trading in money market instruments (cheques, bills, certificates of deposit, derivatives, etc.); foreign exchange; exchange, interest rate and index instruments; transferable securities; or commodity futures trading;

ii) individual and collective portfolio management; or
iii) otherwise investing, administering, or managing Financial Assets or money on behalf of other persons; or

(b) the gross income of which is primarily attributable to investing, reinvesting, or trading in Financial Assets, if the Entity is managed by another Entity that is a Depository Institution, a Custodial Institution, a Specified Insurance Company, or an Investment Entity.

An Entity is treated as primarily conducting as a business one or more of the activities above, or an Entity’s gross income is primarily attributable to investing, reinvesting, or trading in Financial Assets for purposes of the activities described above, if the Entity’s gross income attributable to the relevant activities equals or exceeds 50% of the Entity’s gross income during the shorter of:

i) the three-year period ending on 31 December of the year preceding the year in which the determination is made; or
ii) the period during which the Entity has been in existence.

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Deadlines

The following reporting deadlines for the 2019 and 2020 reporting period:

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CRS v2.0 Schema Release

DITC Portal is now accepting CRS XML returns only in v2.0 of the CRS Schema. Please refer to the Updates Bulletin for more details.

Thank you for your attention to this matter.

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PORTCULLIS GROUP
www.portcullis.co

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開曼群島 – 遵守「共同申報準則」及「外國帳戶稅收遵從法」

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為了經由國際稅賦合作處入口網站進行共同申報準則（CRS）/外國帳戶稅收遵從法（FATCA）申報事宜，所有開曼金融機構（下稱「金融機構」）無論如何必須指定一名主聯絡人及一名授權人。指派人員並確保人員得存取其在國際稅賦合作處入口網站的帳戶，乃屬金融機構的責任。

國際稅賦合作處亦告知業界，其將自2021年4月起實施共同申報準則遵守措施。所有客戶實體必須仔細重複確認，在CRS及FATCA規定的分類上，實體已被正確歸類，並已遵守所有相關義務。

更多資訊登載於「更新事項公告」，網址如下：

• https://www.ditc.ky/wp-content/uploads/news-updates.pdf

為便於 貴公司查閱，在此附上2020年11月6日頒布的共同申報準則施行細則第4版：

• https://www.ditc.ky/wp-content/uploads/ditc_crs_guidelines.pdf

所謂「開曼金融機構」，是指符合下列情形的託管機構、存款機構、投資實體或特定保險公司：

(a) 其為開曼群島居民，但該機構在開曼群島境外的任何分支機構除外；以及
(b) 金融機構在開曼群島境內但非開曼群島居民的分支機構。

「投資實體」則被定義為符合下列條件的實體：

(a) 以事業體身分為客戶或代表客戶主要經營下列一項或多項業務活動或工作：

i) 交易貨幣市場工具（支票、票據、大額存單、金融衍生商品等）、外匯、匯率、利率、指數工具、可轉讓證券、或商品期貨交易；
ii) 個別及集體投資組合管理；或
iii) 以其他方式代他人投資、掌控或管理金融資產或資金；或

若一家實體可歸因於相關業務的總收入，等於或超越該實體在下列期間（兩者以較短者為準）總收入的50%，則該實體即被視為以事業體身分主要經營上述一項或多項業務活動，或該實體的總收入主要歸因於上述業務活動的投資、再投資或金融資產交易：

i) 進行判定（determination is made）的前一年12月31日終了的三年期間；或
i) 該實體的存續期間。

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最後期限

2019及2020申報年度的最後申報期限如下：

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發布2.0版CRS Schema申報檔案格式

國際稅賦合作處目前已接受CRS XML申報書，但僅限以2.0版的CRS Schema申報檔案格式為之。關於更多詳細資訊，請參閱「更新事項公告」。

感謝 貴公司對此事的關注。

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保得利集團
www.portcullis.co