AEOI — Automatic Exchange of Information
The process by which tax authorities in Participating Jurisdictions automatically transmit specified Financial Account information to the tax authorities of the Account Holder's or Controlling Person’s country of residence. AEOI is the overarching standard under which both CRS and FATCA operate.

APRG — AEOI Peer Review Group
The working group within the OECD Global Forum responsible for overseeing effectiveness reviews of the Common Reporting Standard. The APRG agrees the final ratings published in each jurisdiction's AEOI review report.

BEPS — Base Erosion and Profit Shifting
An OECD/G20 initiative addressing tax planning strategies that exploit gaps and mismatches in international tax rules to artificially shift profits to low or no-tax jurisdictions. The BEPS Action Plan established 15 actions, including Action 5 which is directly relevant to no or nominal tax jurisdictions such as the Cayman Islands.

CARF — Crypto-Asset Reporting Framework
The OECD's newest automatic exchange standard, requiring jurisdictions to collect and automatically exchange tax-relevant information on crypto-asset transactions. CARF mirrors the architecture of CRS and is scheduled to begin its first exchanges in 2027. All Cayman Reporting Crypto-Asset Service Providers (RCASPs) are required to register on the DITC Portal by 31 January 2027.

CRS — Common Reporting Standard
The global standard for the automatic exchange of financial account information developed by the OECD. Under CRS, Reporting Financial Institutions collect information on account holders who are tax resident in other Participating Jurisdictions and report that information to their local competent authority, which then exchanges it automatically with the relevant jurisdiction. The Cayman Islands implemented CRS in 2016.

DITC — Department for International Tax Cooperation
The DITC carries out the functions of the Cayman Islands Tax Information Authority. The DITC is responsible for administering and enforcing the jurisdiction's international tax transparency obligations, including CRS, FATCA, CARF, Economic Substance, and EOIR. The DITC operates the DITC Portal through which Reporting Financial Institutions submit their annual returns.

EOIR — Exchange of Information on Request
The longest-established international tax transparency standard, predating automatic exchange frameworks by more than a decade. Under EOIR, a competent authority submits a formal request to a Partner Jurisdiction for information on a specific taxpayer — typically in connection with a tax investigation. The Global Forum's EOIR peer review process is currently in its third round.

ES — Economic Substance
The requirement for entities carrying on certain relevant activities in no or nominal tax jurisdictions — including the Cayman Islands — to demonstrate genuine economic activity in that jurisdiction. Economic Substance obligations are monitored by the OECD's Forum on Harmful Tax Practices (FHTP) and reported through the DITC Portal.

FATCA — Foreign Account Tax Compliance Act
The United States' unilateral automatic exchange regime, requiring Foreign Financial Institutions (FFIs) to report information on US account holders to their local competent authority for onward transmission to the US Internal Revenue Service (IRS). Cayman Financial Institutions report FATCA returns through the DITC Portal annually by 31 July.

FFI — Foreign Financial Institution
The FATCA equivalent of a Reporting Financial Institution under CRS. An FFI is any non-US Financial Institution required to identify and report on US Account Holders under FATCA.

FI — Financial Institution
Under CRS, a Financial Institution is any Custodial Institution, Depository Institution, Investment Entity, or Specified Insurance Company with reporting obligations. Determining whether an entity meets the definition of an FI — and which category it falls into — is the foundation of any CRS compliance framework.

FHTP — Forum on Harmful Tax Practices
The OECD body responsible for monitoring harmful tax practices and overseeing the implementation of Substantial Activities requirements under BEPS Action 5. The FHTP reviews no or nominal tax jurisdictions including the Cayman Islands and can recommend listing on the EU list of non-cooperative jurisdictions where deficiencies are identified.

Global Forum — Global Forum on Transparency and Exchange of Information for Tax Purposes
The primary international body responsible for implementing and monitoring global tax transparency standards. The Global Forum conducts peer reviews of member jurisdictions' implementation of EOIR and AEOI standards and publishes ratings on a four-point scale — Compliant, Largely Compliant, Partially Compliant, and Non-Compliant.

IRS — Internal Revenue Service
The US federal tax authority and the ultimate recipient of FATCA data reported by Foreign Financial Institutions through their local competent authorities.

NIL Return
A CRS Filing Declaration submitted by a Reporting Financial Institution declaring that it has no Reportable Accounts for the relevant reporting period. A NIL Return is still a mandatory filing — failure to submit carries the same penalty as failure to report Reportable Accounts. Under the current DITC Enforcement Guidelines, a missed NIL Return carries a penalty of $12,000 USD.

OECD — Organisation for Economic Co-operation and Development
The international organisation responsible for developing and promoting the global tax transparency standards that underpin CRS, FATCA, CARF, EOIR, and the BEPS framework. The OECD's Global Forum and FHTP are the primary bodies through which these standards are implemented and monitored.

PPoC — Principal Point of Contact
The individual or entity designated as the primary liaison between a Reporting Financial Institution and the DITC on the DITC Portal. The PPoC has administrative functionality to submit reporting, manage portal users, update classification information, and file for deactivation. A lapsed, incorrect, or unregistered PPoC appointment is itself a compliance breach. Under the CRS and CARF Regulations, all Cayman FIs and RCASPs are required to have a Cayman-based PPoC on file by 31 January 2027.

PRMG — Peer Review and Monitoring Group
The Global Forum working group responsible for overseeing EOIR effectiveness reviews and managing the enhanced monitoring of jurisdictions under observation following a weak rating.

RCASP — Reporting Crypto-Asset Service Provider
An entity required to collect and report information on crypto-asset transactions under CARF. RCASPs must register on the DITC Portal by 31 January 2027 and submit their first CARF returns by 30 June 2027.

Reportable Account
A financial account held by one or more Reportable Persons — individuals or entities that are tax resident in a jurisdiction participating in the CRS — that must be reported to the DITC under CRS. Failure to report a single Reportable Account carries a penalty of $6,000 USD per account, up to a maximum of $60,000 USD under the current DITC Enforcement Guidelines.

Reportable Person
An Individual or Entity that is tax resident in a CRS Participating Jurisdiction and holds a financial account with a Reporting Financial Institution. Identifying the Reportable Person population accurately is one of the most technically demanding aspects of CRS compliance.

SEOI — Spontaneous Exchange of Information
A form of information exchange where tax-relevant information is transmitted to partner jurisdictions without a prior request, at set intervals throughout the year. Economic Substance information is exchanged spontaneously with jurisdictions that have opted in to receive it.

TRO — Tax Resident Outside the Islands
A form submitted through the DITC Portal by entities that are tax resident outside the Cayman Islands, confirming their tax residency status for Economic Substance purposes.