Q&A for How to Buy a Private Island

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Can you make your island an independent nation?

Community Answer

Yes, as long as you are willing to combat other nations, work hard to gain global recognition, and establish a strong economy.

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Question

If I made a sovereign nation on the private island, would it be recognized?

Community Answer

It would only be recognized if you succeeded in seceding from the government. That would likely entail an investment many, many times of the size of the purchase price of the government.

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Question

Do I have to pay taxes on a private island?

Community Answer

If it is under the sovereignty of a specific country, then you must pay applicable taxes of that country.

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Question

Can I get a loan to buy an island?

Community Answer

Not really. As stated in the article, banks are hesitant to even lend money for buying islands. Also, people rarely buy islands, so there is no common loan to purchase an island.

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Question

Where can I find a private island caretaker?

Community Answer

Local listings. Or post a want ad yourself. You'll have no trouble finding someone for the position.

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Question

Will I have to pay taxes if I move to my island?

Community Answer

Yes. You will owe taxes to the municipality to which the island belongs.

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Question

What do I do if I want to buy a private island but there are already residents on the island?

Community Answer

Then the island isn't completely private and you'd only be purchasing the portion of that island that is privately owned. Even then, you may be required to provide concessions to the other owners and/or residents on the island as they would have rights too. The times of colonial takeovers of other people's rights and well-being are well and truly done, no matter how much money you might have.

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Question

Is it necessary to be at least 18 years old in order to buy an island?

Community Answer

To fill out the paperwork needed to secure an island, you will have to be an adult. Minors in many places may not sign contractual documents, secure building permits, etc. These are pretty expensive, too.

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Question

Can I do what I want on my island?

Community Answer

Your island will be governed by the laws of the country it belongs to.

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Question

Do I need a permit to build on an island I own?

Community Answer

It depends on the jurisdiction. Some places may have protected species, and they may completely restrict building. Others will have almost no restrictions. Remember to learn about the laws for the country that controls the island.

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Question

Would I need to have a teacher if I have children?

Community Answer

Depending on location, it may be a quick trip to the mainland (by boat or by air), although this may be impractical for daily commuting. If so, look to your local government laws and regulations on home schooling/ tutoring. Another alternative is to hire a nanny, governess or tutor.

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