Tax Information Authority (International Tax Compliance) (Common Reporting Standard) (Amendment) Regulations, 2025 (SL 50 of 2025)

Summary

This is an amendment regulation issued by the Cayman Islands Cabinet that overhauls the existing Common Reporting Standard (CRS) framework under the Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision). It applies to all Cayman Financial Institutions (Reporting and Non-Reporting Financial Institutions) that fall within the CRS regime, with certain 'exempted bodies' (CIMA, government entities, and CIMA/government pension funds) carved out of some notification duties.

• Due diligence and policy requirements: Rewrites the due diligence and policy requirements for Cayman Financial Institutions (new regulation 7).
• Registration and notifications: Introduces stricter and more detailed rules on registration and change-of-information notifications to DITC (regulation 8).
• Filing obligations: Replaces the return obligation with a dual filing requirement -- an annual return/nil return plus a new annual 'compliance form' (regulation 9).
• Electronic portal mechanics: Updates the electronic portal filing mechanics (regulation 10).
• Monitoring powers: Updates the Authority's monitoring/information-gathering powers (regulation 12).
• Offences, penalties and appeals: Updates various offence, penalty and appeal provisions (regulations 14, 16, 17, 24, 28-30, 33, 34 and 38).
• Schedule amendments: Makes numerous technical amendments to the Schedule (the Common Reporting Standard text itself), including new provisions on electronic money products, central bank digital currencies, and transitional reporting measures.

Most of the amendments commence on 1 January 2026, but the replacement of regulations 9 and 10 (governing the return/compliance form obligation and filing requirements) only come into force on 1 January 2027, meaning the current return process continues to apply for filings relating to calendar years before that. Institutions should review their internal CRS policies, self-certification procedures, and registration/contact details well before these dates to ensure compliance with the new obligations.

Key obligations

• Each Cayman Financial Institution must establish, implement, maintain and comply with written policies and procedures satisfying the due diligence requirements in Sections II to VII of the Common Reporting Standard.
• Each Cayman Financial Institution must collect a valid, current self-certification (containing specified identity, address, tax residence, TIN and signature details) for new accounts on or before the account is opened.
• Each Cayman Financial Institution must keep CRS-related information and records of due diligence steps for at least six years from the end of the relevant year.
• Each Cayman Financial Institution (other than an exempted body) must submit a registration form with required information to the Authority on or before the next 31 January if it became a Financial Institution in the previous calendar year.
• Each Cayman Financial Institution must submit a change form within thirty days after any change to its previously notified required information.
• A Cayman Financial Institution that became a Financial Institution in 2025 must submit its registration form on or before 30 April 2026.
• A Cayman Financial Institution registered with the Authority before commencement of these Regulations that has not notified a principal point of contact must submit a change form naming that contact on or before 31 January 2027.
• Each Cayman Financial Institution must, for each calendar year, make a return (or nil return) for Reportable Accounts/Reportable Jurisdictions together with a declaration of adequacy, accuracy and currency, on or before 30 June of the following year (once regulation 9 takes effect on 1 January 2027).
• Each Cayman Financial Institution must, for each calendar year, submit a compliance form together with a declaration, on or before 30 June of the following year (once regulation 9 takes effect on 1 January 2027).
• Cayman Financial Institutions must provide the Authority with information reasonably required to ensure effective implementation of and compliance with CRS reporting and due diligence procedures, and must make corrections to returns/compliance forms by the date specified in any correction notice issued by the Authority.
• Returns, compliance forms and declarations must be submitted through the electronic portal in the form and manner specified by the Authority.

Applies to

Cayman Financial Institutions, Cayman Reporting Financial Institutions, Non-Reporting Financial Institutions

Deadlines

• 1st January, 2026: Commencement date for all regulations except regulations 5 and 6.
• 1st January, 2027: Commencement date for regulations 5 and 6 (replacing the obligation to make a return/compliance form and requirements for making returns).
• on or before the next 31st January: Deadline for a Cayman Financial Institution to submit a registration form if it became a Financial Institution in the previous calendar year.
• within thirty days after the change occurring: Deadline for submitting a change form after required information changes.
• 30th April, 2026: Deadline for a Cayman Financial Institution that became a Financial Institution in 2025 to submit its registration form.
• 31st January 2027: Deadline for previously registered Cayman Financial Institutions without a notified principal point of contact to submit a change form naming that contact.
• 30th of June of the year following the calendar year to which the return relates: Deadline for making the annual return (or nil return) and declaration under new regulation 9 (effective 1 January 2027).
• 30th of June of the year following the year to which the compliance form relates: Deadline for submitting the annual compliance form and declaration under new regulation 9 (effective 1 January 2027).
• 1 January 2026: Effective date of the amendments to the Common Reporting Standard set out in the Schedule (Section X Transitional Measures).

Related documents

• This document is made under Tax Information Authority Act (2021 Revision)
• This document amends Tax Information Authority (International Tax Compliance) (Common Reporting Standard) Regulations (2021 Revision)