 The boom in the Cayman Islands' international finance industry can also be at least partly attributed to the British overseas territory having no direct taxation.A popular legend attributes the tax-free status to the heroic acts of the inhabitants during a maritime tragedy in 1794, often referred to as "Wreck of the Ten Sails".The wreck involved nine British merchant vessels and their naval escort, the frigate HMS Convert, that ran aground on the reefs off Grand Cayman.