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Last updated: February 16. 2013 2:05PM - 128 Views

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)
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)
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(AP) The Cayman Islands is scrapping a plan to impose a direct tax on expatriates working in the British territory, which owes much of its prosperity to its famed role as a no-tax financial center.


In a terse statement issued late Monday, Premier McKeeva Bush says the tax is "off the table and will not be implemented."


Specifics of what will replace it are not immediately being disclosed.


Grand Cayman real estate agent Kim Lund said Tuesday "the only reaction is confusion as the uncertainty continues."


Bush announced in late July that a 10 percent tax on expats was needed to bail the territory out of a financial hole.


The plan outraged many on the islands, where financial services and tourism are the pillars of the economy.


Associated Press
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