Cayman premier scrapping income tax on expats

In this Aug. 2, 2012 photo, local newspapers show stories about the controversial strategy to bail the government out of a financial hole, at a restaurant along Seven Mile Beach on the outskirts of George Town on the Cayman Islands. The Cayman Islands have lost some of their allure by abruptly proposing what amounts to an income tax on expatriate workers who have helped build the territory into one of the most famous or, for some people, notorious offshore banking centers that have tax advantages for foreign investment operations. (AP Photo/David McFadden)The Cayman Islands is scrapping a plan to impose a direct income tax on thousands of expatriates working in the British Caribbean territory that is famed as a no-tax financial center.

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