FATCA and Cayman Funds

With the first round of US FATCA reporting completed on Friday, 26 June, Cayman Islands Reporting Financial Institutions (RFIs) can now begin their summer relaxation in earnest, having successfully navigated the complex notification and reporting processes.

For many, the process has been all-consuming since 1 January, when FATCA went live, after the US IRS itself had allowed a few implementation delays to enable the global financial industry to catch up on the requirements of the law and to demonstrate good faith efforts in complying.