Cayman News

Grand Cayman, Cayman Islands (17 July 2020) – “The Civil Aviation Authority of the Cayman Islands (CAACI), Cayman’s aviation regulator has been fully deployed working remotely during COVID-19, ensuring that aircraft on the Cayman Islands Aircraft Registry (CIAR), (which includes the local air operator certificate holders such as Cayman Airways, Cayman Express, MRCU, Cayman Islands …

CAACI employees donate to local charity amid COVID‐19 pandemic Read More »

The Cayman Islands Government welcomes the UK Government’s announcement, made today, which recognises the work of Cayman and other Overseas Territories (OTs) toward establishing publicly accessible registers of company beneficial ownership as part of the global effort to increase transparency in financial services and tackle illicit finance. The UK’s 2023 deadline for these registers aligns …

Cayman Islands Government Statement on Beneficial Ownership Read More »

The Ministry of Financial Services wishes to advise the following: The Department for International Tax Cooperation (DITC) advises industry that the latest version (v3.0) of the Economic Substance Guidance Notes (“Guidance Notes”) has been issued today (Monday, 13 July). The Guidance Notes were developed based on feedback received from stakeholders in response to statutory private …

Economic Substance Guidance Notes v3.0 Issued Read More »

The Ministry of Financial Services wishes to advise the following: Industry is advised that the International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2020 have been gazetted today (Friday, 10 July) and are now in effect. The International Tax Co-operation (Economic Substance) (Amendment of Schedule) Regulations, 2020 (the “Regulations”) were made by the Cabinet …

Economic Substance Regulations Published Read More »

The Ministry of Financial Services wishes to advise the following: The Tax Information Authority (Amendment) Bill, 2020 was gazetted on Friday, 29 May and will be presented by the Minister of Financial Services at the next meeting of the Legislative Assembly. The Tax Information Authority bill seeks to strengthen compliance, enforcement and cooperation functions of the competent …

Government Puts Forward Tax Information Authority Bill Read More »

The Cayman Islands Monetary Authority wishes to advise the following: It has been brought to CIMA’s attention that an email with the subject: CIMA -Due Diligence & Questionnaire Request, purporting to be from the Cayman Islands Monetary Authority (“CIMA”), is being circulated. The email is sent from kyconnect2@cimamoney.com. However, this is not a valid CIMA …

Fraudulent Due Diligence Email Read More »

The Ministry of Financial Services wishes to advise the following: Industry is advised that training on the bulk upload of beneficial ownership (BO) information to the updated BO system is set to commence. The competent authority for BO, General Registry, will be offering training to CSPs that need assistance with the process. To arrange training, …

Training on Beneficial Ownership System Set to Begin Read More »

The Ministry of Financial Services wishes to advise the following: Industry is advised that the submission of beneficial ownership (BO) information via CAP has beenand continues to be a secure process. The competent authority for BO, General Registry, would like to reassure industry that: CAP is used only as the upload interface and NOT as …

CAP Serves as Secure Conduit for Beneficial Ownership Information Read More »

The Ministry of Financial Services wishes to advise the following: Industry is advised that the Ministry of Financial Services remains in close contact with the EU Commission and is making progress towards proposals which, the Ministry believes, will result in the removal of the Cayman Islands from the list of non-cooperative jurisdictions for tax purposes …

Progress towards Removal from EU List of Non-Cooperative Jurisdictions Read More »