Cayman Islands – India relations
Map indicating locations of Cayman Islands and India

Cayman Islands
India

Cayman Islands–India relations refers to the international relations that exist between the Cayman Islands and India. The foreign relations of the Cayman Islands are handled by the British Foreign Office. Therefore, India's foreign policy has focused on economic relations with the Cayman Islands, as well providing consular services to Indians and Caymanians.[1] The High Commission of India in Kingston, Jamaica is concurrently accredited to the Cayman Islands.[2]

History

Premier McKeeva Bush, Minister for Health, Environment, Youth, Sports & Culture Mark Scotland, Cayman Islands Health Services Authority Canover Watson, and four other government officials visited Bangalore on 15–17 December, 2009. They had been invited by the Chairman of Narayana Hridayalaya to inaugurate the company's new Cancer Hospital.[1]

The Indian Government offers scholarships under the Indian Technical and Economic Cooperation Programme to two Caymanian citizens annually. However, the scholarships have generally not been utilized.[1]

Economic relations

In April 2010, Bangalore-based hospital chain Narayana Hrudayalaya signed an agreement with the Caymanian Government to establish a hospital in Grand Cayman and a medical university to train doctors, nurses and paramedical students.[3] The 107,000 square foot Health City Cayman Islands was opened on 25 February, 2014. It is the first foreign hospital owned by an Indian hospital chain.[4]

The Cayman Islands and India signed a Tax Information Exchange Agreement (TIEA) on 21 March, 2011. This was the 22nd TIEA signed by the Cayman Island and the 5th for India.[5][6][7] According to the Cayman Islands Monetary Authority (CIMA), India was the ninth largest destination for remittances from the Cayman Islands in 2011, receiving US$2.5 million.[8][9] The Bank of India operates in the Cayman Islands and maintains a branch in Grand Cayman.[10][11] Cayman Islands-based NCBG Holdings, Inc. has proposed to invest in a 26% stake in a joint venture firm with Indian companies to manufacture wiring sets used in military vehicles, aircraft, ships and other defence machinery. The proposal requires approval from the Indian Government because it involves foreign direct investment in the defence industry.[12][13]

In mid-2015, an Indian Supreme Court-appointed Special Investigation Team (India) (SIT) on black money, found that the Cayman Islands was the largest beneficiary of participatory notes from India, receiving 31.31% of the total outstanding Offshore Derivative Instruments. The SIT found that the Cayman Islands had a total investment of ₹85,000 crore (US$11 billion) in Indian stock markets as on 28 February 2015, or about ₹1.75 crore (US$220,000) per Caymanian citizen.[14][15]

Trade

Bilateral trade between the Cayman Islands and India totaled US$3.54 million in 2015–16, declining from $6.75 million in the previous fiscal. India has not made any imports from the Cayman Island since 2013–14, when it imported $10,000 worth of residue and waste from food industries, and prepared animal fodder. The main commodities exported from India to the Cayman Islands are non-railway vehicles and spare parts, medical and surgical instruments, iron and steel articles, pharmaceuticals, and electrical machinery and equipment.[16]

FDI

With $3.82 billion of investments, famous offshore tax haven the Cayman Islands was the fifth largest source of FDI for India in FY22, up from being the sixth largest in FY21.[17]

Indians in the Cayman Islands

As of summer 2023, 2,014 Indians, as well as their dependents, reside in the Cayman Islands, making up around 2.6% of the total population and 3% of the expatriate population. Most of the community is employed in the hotel and hospitality industry, or in security-related organizations. A small number are doctors, chartered accountants, and other professionals.[1]

The Caymanian Government was the first foreign government to officially recognize Indian medical degrees.[18]

References

  1. 1 2 3 4 "India- Cayman Islands Relations" (PDF). Ministry of External Affairs (India). January 2015. Retrieved 20 April 2017.
  2. ↑ "High Commissioner M. Sevala Naik presented his credentials to His Excellency Moses Kirkconnell, JP, Acting Premier of Cayman Islands on Wednesday, 11 January, 2017". High Commission of India, Kingston. 14 January 2017. Retrieved 20 April 2017.
  3. ↑ Badrinath, Raghuvir (19 July 2011). "Narayana Hrudayalaya close to raising Rs 300 cr for Cayman Islands project". Business Standard India. Retrieved 20 April 2017.
  4. ↑ Bureau, Our (27 February 2014). "Narayana Health opens hospital in Cayman Islands". The Hindu Business Line. Retrieved 20 April 2017.
  5. ↑ "India, Cayman Islands ink tax information exchange agreement". Deccan Herald. Retrieved 20 April 2017.
  6. ↑ "Cayman Islands Secures Tax Agreement with India". www.caymanfinance.gov.ky. Retrieved 20 April 2017.
  7. ↑ "AGREEMENT BETWEEN THE GOVERNMENT OF THE REPUBLIC OF INDIA AND THE GOVERNMENT OF THE CAYMAN ISLANDS FOR THE EXCHANGE OF INFORMATION WITH RESPECT TO TAXES". www.incometaxindia.gov.in. Retrieved 20 April 2017.
  8. ↑ "India among top recipients of remittances from Cayman Islands". The Economic Times. 7 September 2014. Retrieved 20 April 2017.
  9. ↑ "India among top recipients of remittances from Cayman Islands". Business Standard India. Press Trust of India. 7 September 2014. Retrieved 20 April 2017.
  10. ↑ "Bank of India (Cayman Islands)". thebanks.eu. Retrieved 20 April 2017.
  11. ↑ "Bank of India - France- Overseas2". www.bankofindia.fr. Retrieved 20 April 2017.
  12. ↑ "Govt clears FDI proposals worth Rs 1,027 cr". The Hindu Business Line. 3 May 2011. Retrieved 20 April 2017.
  13. ↑ "16 FDI PROPOSALS WORTH Rs. 923.55 CRORE APPROVED" (PDF). Ministry of Finance (India). New Delhi: PRESS INFORMATION BUREAU. 7 June 2011. Retrieved 20 April 2017.
  14. ↑ "Country of 54k puts Rs 85k cr in India!". Deccan Herald. 7 September 2015. Retrieved 20 April 2017.
  15. ↑ "Black money trail exposed: Each citizen of Cayman Island invests Rs.1.75 crore in Indian stock market!". News18. 7 September 2015. Retrieved 20 April 2017.
  16. ↑ "Total Trade". Department of Commerce. Retrieved 22 April 2017.
  17. ↑ "FDI into India". www.moneycontrol.com. Retrieved 20 October 2022.
  18. ↑ Das, Soma (24 February 2014). "Devi Shetty opens low-cost healthcare venture in Cayman Islands outside US regulatory reach". The Economic Times. Retrieved 20 April 2017.
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