The Cayman Islands currently has in place an intergovernmental agreement (IGA) with each of the United States and the United Kingdom and has passed domestic legislation to make compliance with the IGAs a matter of Cayman Islands law (Cayman FATCA).

The Cayman Islands Tax Information Authority (TIA) issued Guidance Notes on Cayman FATCA (Guidance Notes) in July 2014.

On 29 October 2014, the government of the Cayman Islands signed the OECD sponsored Multilateral Competent Authority Agreement and made a commitment to implement the new common reporting standard on automatic exchange of information (CRS) with various countries by 2018. This means that there will be more IGAs in coming years.

Investment managers, general partners and investment funds located in the Cayman Islands need to have arrangements in place to allow them and the funds that they operate or sponsor to comply with Cayman FATCA.

What follows is a high level summary of the IGAs and the Guidance Notes.

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