Cayman Islands Drops Proposed Tax on Expats

Country will remain a refuge from rapacious governments

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.

Premier McKeeva Bush issued a terse statement late Monday saying that his proposed tax was "off the table and will not be implemented." He did not say what alternative revenues might replace it.