Tag Archive for Cayman Islands

Cayman Islands—FATCA Reporting of American Depositors Has Been Postponed Again!

Ron Marini

Previously, we posted “Cayman Islands FATCA Reporting Of American Depositors Is Today!” The Cayman Islands has postponed the deadline for banks to report accounts of U.S. and U.K. persons for the 2015 tax year to the Cayman Tax Information Authority from August 10 to September 2 for both U.S. Foreign Account Tax Compliance Act reporting and U.K. Crown Dependencies/Overseas Territories reporting.

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Cayman Islands FATCA Reporting Of American Depositors Is Today!

Ronald Marini

Today, Wednesday, August 10, 2016 is the deadline for Cayman Islands financial institutions to complete their notification and reporting of American clients’ accounts to the Cayman Tax Information Authority, under the US Foreign Account Tax Compliance Act (FATCA).

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Beneficial Ownership Registry for the Cayman Islands is Imminent!

On November 4, 2013, Wayne Panton, the Minister for Financial Services, Commented on the Commencement of Cayman’s Consultation on its G8 Action Plan.

On 31 October, the United Kingdom announced a proposal for a public register of beneficial ownership information, following the results of its public consultation. If implemented, the register conceivably would allow a citizen of any country to access information on the beneficial owners of UK-registered entities.

In the Cayman Islands, we also are assessing our regime on beneficial ownership. In our action plan on the misuse of companies and other legal structures, published immediately following the June G8 Summit, we committed to assess whether a central Read more

Australian Tax Court Uses Documents Improperly Obtained In Breach Of Exchange Of Tax Information Agreement

iStock_000024834312XSmallIn the Australian Federal Court on Tuesday (8 October) Justice Perram allowed the Australian Tax Office (“ATO”) to use documents obtained in apparent breach of the exchange of the Tax Information Agreement (“TIA”) between Australia and the Cayman Islands.

It appears that the Cayman Islands Tax Information Authority (“CITIA”) erroneously provided the ATO with information for tax years prior to the date set as operational for the agreement.

The Australian court’s decision has effectively validated an effective retrospective application of the Cayman’s TIA, at least in this case.

The judgement (in Hua Wang Bank Berhad v Commissioner of Taxation (No 7) [2013] FCA 1024) found that although the Caymans Grand Court had decided on 13 September 2013 that the CITIA decision on 23 February 2011 to provide the information to the ATO should be set aside and the documents should be returned; Read more

Another Former British Colony Accepts Automatic Reporting to UK & US through UK FATCA

We originally posted UK mini-FATCA Agreements Spells The End for UK Tax Haven Territories! on Monday, November 26, 2012. The UK and some other European countries have negotiating FATCA agreements with the US.

Jersey has now agreed to the automatic reporting of bank account information to the UK tax authorities. As with Guernsey and the Isle of Man, there will be a partial tax amnesty allowing UK residents to disclose previously undeclared Jersey accounts to HM Revenue and Customs, though immunity from prosecution is not warranted.

Jersey is particularly anxious that the UK’s insistence on automatic reporting should be applied to other international financial centres, to ensure a level playing field.

The UK government is equally keen on the idea: it has just published an Offshore Evasion Strategy document setting out plans to negotiate bilateral automatic information exchange agreements with the British Overseas Territories and other high-priority jurisdictions. Which provides in part:

“While great progress has been made internationally to open up non-cooperative jurisdictions, more still needs to be done. The Government believes that there are two key elements to future bilateral agreements targeted at tackling tax evasion:

1. automatic exchange of information for the future: building on the historic agreement with the USA, the Government will look to conclude similar agreements with other jurisdictions, moving to a new standard of automatic information exchange in bilateral agreements

2. measures to encourage those with hidden funds to come forward: HMRC will continue to seek agreements with other jurisdictions, including the Overseas Territories, building on the agreements reached with Liechtenstein, the Isle of Man, Guernsey and Jersey.”

The Cayman Islands has already signaled that it will accept automatic reporting to the UK, in a statement by Financial Services Minister Rolston Anglin to the jurisdiction’s legislative assembly on 15 March. The Cayman government has also agreed to implement FATCA’s reporting requirements for US-owned bank accounts.

The die has been cast and it appear to be only a matter of time before, most if not all, former British Territories will enter into UK – US information sharing FATCA agreements.

Are you a US Taxpayer with Un-Reported Income?  With Accounts in:
· Antigua and Barbuda
· Bahamas
· Barbados
· Bermuda
· Guyana
· Belize
· Cayman Islands
· Cook Islands
· Jersey
· Guernsey
· Isle of Man
· Grenada
· Jamaica
· Malaysia
· Malta
· Mauritius
· Nauru
· Saint Kitts and Nevis
· Saint Lucia
· Saint Vincent and the Grenadines
· Sierra Leone
· Singapore
· Trinidad and Tobago?

Do you Value your Personal Freedom?

Contact the Tax Lawyers at Marini & Associates, P.A.

for a FREE Tax Consultation at:  Ronald Marini on

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