The Cayman Islands’ Department of International Tax Compliance (DITC) has notified Cayman financial institutions of its intention to move forward with implementing the OECD’s Common Reporting Standard (CRS), with the introduction of local regulations by the Economic Confidence Model turning point – October 1, 2015. This of course will end banking in the Cayman Islands and will impact many hedge funds as well.
Like Switzerland, the Cayman Islands has surrendered its sovereignty to the tyranny of global taxation. The West is imploding all for taxation because those in power will NEVER reform; all they will ever do is raise taxes to line their own pockets while destroying the world economy.
The Cayman Islands is among 50 “early adopters” of the CRS that will begin the automatic exchange of tax information starting in 2017. Eleven other countries will start tax information exchange in 2018.
Under the CRS, as of September 2017, tax authorities in over 50 jurisdictions — in addition to the U.S. and U.K. — will be entitled to information on accounts that individuals or entities hold in a Reportable Jurisdiction, under the tax laws of that jurisdiction.
A Reportable Jurisdiction is one that has a multilateral or bilateral Competent Authority Agreement with other jurisdictions to provide information under the CRS and is on the OECD’s list of such jurisdictions.
