Regulatory Blog

On 24 June 2025, a decision by the Judicial Committee of the Privy Council overturned Jersey’s first-ever declaration of incompatibility under the Human Rights (Jersey) Law 2000 in a case that focussed on the International Co-operation (Protection from Liability) (Jersey) Law 2018, which limits costs and damages against public authorities acting in good faith to fulfil international requests.

In March 2024, the Cayman Islands' Department for International Tax Cooperation (DITC) issued a bulletin containing important updates regarding the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) reporting requirements.

On 5 July 2023, the Cayman Island’s Department for International Tax Cooperation (DITC) reminded the industry of important information regarding CRS reporting.

This blog post serves as a timely reminder that the transitional period under the Virtual Assets Service Providers Act 2022 (VASP Act) will come to an end on 31 July 2023. This leaves just two months for businesses engaging in virtual asset service providers (VASP) activities to take action.

On 12 May 2023, the International Tax Authority issued a reminder to all Financial Institutions regarding the inclusion of mandatory Tax Identification Number information in filings, for the 2020 reporting year onwards. Additionally, the ITA provided an update on the acceptable sequential codes issued by the United States Internal Revenue Service for reporting purposes from calendar year 2022 onwards.

If you have an offshore entity, it's important to be aware of the reporting and compliance requirements under the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). These regulations require financial institutions and certain types of entities to report information about foreign accounts and assets to their home country's tax authority.

Are you confused about FATCA, and CRS? FATCA and CRS are two forms of Automatic Exchange of Information (AEOI). AEOI is an international standard for the automatic exchange of financial account information between tax authorities of different countries. FATCA, more completely, the Foreign Account Tax Compliance Act is originally a piece of US that requires foreign financial institutions (FFIs) to report information on financial accounts held globally by US citizens and residents, to the US tax authorities. CRS, more completely the Common Reporting Standard, is in many ways a global version of FATCA and requires financial institutions (FIs) to report information on accounts held by tax residents of Reportable Jurisdictions and certain entities controlled by such tax residents.

On 11 February 2022, BVI’s International Tax Authority announced its intention, effective 1 September 2022, to introduce an annual fee to each entity enrolled in the BVIFARS Portal who is required to report under the Common Reporting Standards, Foreign Account Tax Compliance Act, and Country-by-Country Reporting.

The Cayman Islands Department for International Tax Cooperation (DITC) has renewed its publication of the Common Reporting Standard (CRS) list of reportable jurisdictions for 2021.

It is now an offence for knowingly or wilfully supplying false or misleading information to the Cayman Islands Tax Information Authority (TIA). A fine of US$12,200 and/or imprisonment for 5 years may be imposed on any person who commits such offence.