One of the most famous stories in the islands history is the story of "The Wreck of the Ten Sails". Legend has it that one night in November, 1788, the "Cordelia", part of a convoy of merchant ships sailing from Jamaica to Britain ran aground on the reef at East End. A signal was given to warn the other ships, but was taken as a call to follow closer and nine more ships crashed onto the reef. The people of East End are reported to have shown great heroism in rescuing the crew. The legend states that one of the lives saved was that of royalty. For this, King George III is said to have granted the islands freedom from conscription, while other reports claim that freedom from taxation was bestowed on the people of the islands as a reward. Actual records do not support this story entirely.

Two important legacies remain from that era – English Common Law and tax neutrality.

Stability, integrity and quality are equally important to Cayman as a global provider of financial services. Cayman has never had a system of direct taxation and instead employs an indirect, consumption-based taxation system.

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