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oecd.org

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About Organisation for Economic Co-operation and Development

Organisation for Economic Co-operation and Development (OECD) is a 36-member country non-government organization (NGO) dedicated to promoting policies that will improve the economic and social well-being of people around the world.

Headquarters Location

2, rue André Pascal

Paris, 75016,

France

+33 (0)1 45 24 82 00

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Latest Organisation for Economic Co-operation and Development News

Cayman Islands: The Cayman Islands And The Common Reporting Standard Issued By The Organisation For Economic Co-Operation And Development - Conyers

Feb 21, 2024

1. INTRODUCTION The OECD Standard for Automatic Exchange of Financial AccountInformation (commonly known as the Common Reporting Standard or"CRS") is a global information exchangeregime developed to facilitate and standardise the automaticexchange of information ("AEOI") onresidents' assets and income between participatingjurisdictions on an annual basis. In its Peer Review of the AEOI on9 November 2022, the OECD concluded that the Cayman Islands has putthe necessary legal frameworks in place and is successfullyexchanging information without significant timing or technicalissues. The Cayman Islands was also awarded the highest possiblerating for the effectiveness of its AEOI regime. The Cayman Islands have implemented the CRS into locallegislation through The Tax Information Authority (InternationalTax Compliance) (Common Reporting Standard) Regulations (2021Revision) pursuant to The Tax Information Authority Act (2021Revision) (the "TIA Act"). The Multilateral Convention on Mutual Administrative Assistancein Tax Matters (the "Convention") was extended to theCayman Islands by the United Kingdom with effect from 1 January2014 and permits participating countries to enter into agreementsthat provide for the AEOI with respect to certain tax matters.Through the operation of the Convention, the Cayman Islands, alongwith more than 100 other countries, have signed or committed tosign a Multilateral Competent Authority Agreement providing thelegal basis through which countries can agree to the CRS. The Cayman Islands was one of the first countries to agree toimplement the AEOI under the CRS (referred to as the"Early Adopter Group"), with the firstexchanges of information between competent authorities ofparticipating jurisdictions having taken place on 30 September2017. The United States ("U.S."),although an OECD member, is not part of the Early Adopter Group andwill instead continue to rely on the provisions of the U.S.Internal Revenue Code commonly known as the Foreign Account TaxCompliance Act ("FATCA") and relatedintergovernmental agreements regarding the AEOI in relation to taxmatters. On 31 March 2023, the latest list of CRS reportable jurisdictions waspublished in the Cayman Islands Gazette. 2. HOW DOES THE CRS AFFECT CAYMAN ISLANDS ENTITIES? Similarly to FATCA, the CRS requires certain Cayman Islandsreporting financial institutions ("Cayman IslandsReporting FIs") to identify the tax residency oftheir account holders and then to report certain information onReportable Accounts maintained for such account holders, being bothnew and preexisting accounts held by individuals and entities(which includes trusts and foundations). For the CRS, certainrequirements also fall on Non-Reporting Financial Institutions("Non-Reporting FIs"). In the case ofany non-individual account holder that is a "passivenon-financial entity" ("PassiveNFE"), a Cayman Islands Reporting FI is also requiredto gather information and report on the individuals that ultimatelycontrol or beneficially own such entities (i.e. "controlling persons")1. "Financial Institution" is a broad concept and covers"custodial institutions", "depositoryinstitutions", "specified insurance companies" and"investment entities". The latter category includesentities whose income is primarily attributable to (re)investing ortrading in financial assets, if the relevant entity is"managed by" another Financial Institution (a"Managed Investment Entity"). In somecases, organisations that have been unaffected by FATCA may findthey are required to comply with the CRS. Cayman Islands entitiesshould therefore determine their CRS classification. In particular,some of the specific exemptions to Cayman Islands Reporting FIstatus for certain low-risk entities under FATCA do not appear inthe CRS. The overall identification and reporting process under the CRSis therefore similar to that under FATCA. However there are somekey differences. In particular: The CRS is based on tax residency. The CRS isbased on tax residency rather than citizenship, to reflect the factthat the US is unusual in taxing its citizens on a world-widebasis. More Cayman Islands entities are treated as CaymanIslands Reporting FIs under the CRS. The narrower scope ofexemptions under CRS is expected to result in a greater number ofCayman Islands entities being treated as Cayman Islands ReportingFIs than under FATCA. The volume of reportable data for Cayman IslandsReporting FIs increased under the CRS. Prior to theintroduction of the CRS, the impact of FATCA on entities withlittle or no nexus with the US or UK may have been relativelylight. However, due to the number of participating jurisdictionsunder the CRS, for many Cayman Islands Reporting FIs, the CRSresulted in an increased compliance burden requiring preparationand management. The thresholds for de minimis FinancialAccounts are significantly reduced under the CRS, compared toFATCA. Cayman Islands Reporting FIs may be able toleverage information obtained under existing AML/CDD procedures inthe case of pre-existing accounts (those in existence as at 31December 2015). Pre-existing entity accounts with an aggregatebalance of US$250,000 or less are exempted as de minimis– although if that threshold is exceeded in future years, theaccount will become reportable. For new accounts (for individualsor entities), there are no de minimis thresholds, so everynew entity or individual account opened on or after 1 January 2016will require self-certification to be obtained (and validatedagainst the Cayman Islands Reporting FI's records). The CRS does not impose withholding tax.Unlike FATCA, which imposes a 30% withholding tax on US-sourceincome and other US-related payments made to or by anon-participating foreign financial institution in the event ofnon-compliance, the CRS does not impose a back-up withholding taxregime. Instead, penalties for non-compliance are specified underthe TIA Act. 3. KEY DATES FOR CAYMAN ISLANDS REPORTING FIS AND NON-REPORTINGFIS Cayman Islands FIs (reporting and non-reporting) should completetheir initial registration and notify the Tax Information Authority(the "TIA") on or before 30April in the year following the year that the entitybecame a Cayman Islands FI; Cayman Islands Reporting FIs must complete their annualreporting and the filing of a CRS Declaration via the Departmentfor International Tax Cooperation("DITC") Portal (the "DITCPortal") by 31 July in each year. Itis necessary for Cayman Islands Reporting FIs to provide a NILreport where they have no Reportable Accounts2. CaymanIslands Reporting FIs must also complete and file a CRS ComplianceForm annually by 15 September (for 2024 thedeadline is Monday 16 September as 15 September falls on a Sunday).It should be noted that the TIA is responsible for financialservices and that delegated functions of the TIA are carried out bythe DITC. 4. WHAT STEPS DO CAYMAN ISLANDS REPORTING FIS NEED TOTAKE? All Cayman companies, partnerships and trusts and theirdirectors or equivalent fiduciaries must ensure that correct CRSand FATCA classifications have been made. It should be noted thatthe DITC will match CRS and FATCA notification data against otherdata sources such as economic substance notifications, Caymanlicenses/registrations, General Registry notices of businessclassifications and the IRS GIIN registration list. Cayman Islands Reporting FIs are required to establish andmaintain written policies and procedures to comply with and applythe CRS3. Again, similarly to FATCA, Cayman IslandsReporting FIs will need to adapt their onboarding procedures fornew investors in order to capture the requisite information thatneeds to be reported in order to be compliant with theCRS4. The TIA has issued tax self-certification forms to assist CaymanIslands Reporting FIs with their reporting requirements. CaymanIslands Reporting FIs should have all new and existing clientscomplete selfcertification forms. 5. WHAT INFORMATION NEEDS TO BE NOTIFIED TO THE TIA? A Cayman Islands FI, being either a Cayman Islands Reporting FIor a Non-Reporting FI, is required to notify (register with) theTIA no later than 30 April in the first calendar year in which theCayman Islands FI is required to comply with the reportingobligations with the following information5: The institution's legal name and any number given to it bythe TIA as an FI (this will be automatically generated by thePortal); General Registry number; Dixcart Group Limited The main difference between a Foundation and a Trust is that a Foundation is a legal entity and owns its assets in its own right as opposed to a Trust, where the assets are legally owned by the Trustees, ... Conyers FATCA is a US federal law that aims to reduce tax evasion by US persons. FATCA has significant extra-territorial implications and, most notably, requires foreign financial institutions to report information on accounts of US taxpayers to the IRS. Maples Group Luxembourg remains a pre-eminent jurisdiction for private equity investment funds, with unregulated funds being the most utilised format, A great number of the transactions...format. Walkers Matters of law will certainly not always be black and white, however, the Courts have adopted a traditional approach when assessing matters of mismanagement or misconduct... Ogier Jersey has a wide variety of entities or legal vehicles that can be used to meet a client's commercial objectives. These all have the advantages of a flexible legislative regime...

Organisation for Economic Co-operation and Development Partners & Customers

10 Partners and customers

Organisation for Economic Co-operation and Development has 10 strategic partners and customers. Organisation for Economic Co-operation and Development recently partnered with Cisco on January 1, 2024.

Date

Type

Business Partner

Country

News Snippet

Sources

1/16/2024

Partner

United States

Cisco and OECD Launch Pioneering Research Initiative on Digital Well-being

The partnership between Cisco and the Organisation for Economic Co-operation and Development builds on existing research into digital well-being .

3

9/18/2023

Partner

United States

IMF, World Bank, and OECD partner to streamline sustainable finance

IMF , World Bank , and OECD partner to streamline sustainable finance

1

4/8/2022

Partner

United States

DPG Charter process announced at OECD event & Estonia’s Ministry of Foreign Affairs joins as the latest member of the DPGA » Digital Public Goods Alliance

Today , the Digital Public Goods Alliance had the pleasure of collaborating with the OECD and the Digital , to co-host a high-level discussion on digital transformation , specifically how to harness innovation and technological advancements .

1

4/2/2022

Partner

France

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10

10/14/2021

Partner

France

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10

Date

1/16/2024

9/18/2023

4/8/2022

4/2/2022

10/14/2021

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Country

United States

United States

United States

France

France

News Snippet

Cisco and OECD Launch Pioneering Research Initiative on Digital Well-being

The partnership between Cisco and the Organisation for Economic Co-operation and Development builds on existing research into digital well-being .

IMF, World Bank, and OECD partner to streamline sustainable finance

IMF , World Bank , and OECD partner to streamline sustainable finance

DPG Charter process announced at OECD event & Estonia’s Ministry of Foreign Affairs joins as the latest member of the DPGA » Digital Public Goods Alliance

Today , the Digital Public Goods Alliance had the pleasure of collaborating with the OECD and the Digital , to co-host a high-level discussion on digital transformation , specifically how to harness innovation and technological advancements .

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Sources

3

1

1

10

10

Organisation for Economic Co-operation and Development Team

2 Team Members

Organisation for Economic Co-operation and Development has 2 team members, including , .

Name

Work History

Title

Status

Emilie Romon

Founder

Current

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Name

Emilie Romon

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Work History

Title

Founder

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Status

Current

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