DITC Foreign Account Tax Compliance Act (FATCA)

Organization : Department For International Tax Cooperation (DITC)
Facility : Foreign Account Tax Compliance Act (FATCA)
Country : Cayman Islands
Website : https://www.ditc.ky/fatca/

What is Foreign Account Tax Compliance Act (FATCA)?

The Foreign Account Tax Compliance Act (FATCA) is the mechanism for reporting information on financial accounts held by US persons to the US Internal Revenue Service (IRS). The Tax Information Authority Act (TIA Act) is the primary Cayman Islands legislation dealing with the implementation of the Agreement, and the detailed rules are contained in the FATCA Regulations made under the TIA Act.

Related / Similar Facility : DITC Exchange of Information on Request (EOIR)

FAQ On Foreign Account Tax Compliance Act (FATCA)

Frequently asked questions (FAQ) regarding Foreign Account Tax Compliance Act (FATCA) in the Cayman Islands.

How do I submit a Notification to the TIA?
Notifications are submitted via the DITC Portal.

Do I have to submit a Notification each year?
No, this is a one-off process.

How do I edit my Notification?
The Principal Point of Contact (PPoC) can do this via the DITC Portal.

I submitted a Notification but did not receive a confirmation.
If you are a current user, log in to the DITC Portal to determine whether you have been granted access. If not, contact the DITC at DITC.Portal@gov.ky

How do I submit Reporting to the TIA?
Reporting is submitted via the DITC Portal. If you are a new user, you will need to submit a Notification to register the Financial Institution.

When can I submit my Reporting?
When the DITC Portal is open you can submit reporting for all available years listed on the XML Upload page.

Can I submit test returns?
Testing is not permitted within the DITC Portal.

I have received an error from the IRS – what do I do?
Review the error issued by the IRS on the DITC Portal. You can also contact the DITC regarding a specific error once you are logged in.

When can I deactivate an FI?
At this time we are not accepting deactivation requests via the DITC Portal. The deactivation functionality will be made available in Q4 of 2021.

I want to resign as a PPoC/AP but I don’t know who the new users should be – what do I do?
You should first ascertain who the new users should be by:
** contacting the Directors; and/or
** contacting the registered office.

If no response is received, email the DITC at DITC.Portal@gov.ky and include the following information:
** your reason for resigning;
** the steps you have taken to find the new users, and;
** contact details for the Directors you hold