Did you know you can buy your own private island? Many celebrities own their own private getaway islands, and some relatively affordable islands are on the market. But does buying your own island mean you can start your own country?
Why Start Your Own Country?
Obviously a lot of us would prefer to make our own rules. Offshore countries could provide havens for business considered a bit dodgy in the homeland: tax-free casinos, farms for illegal drugs, or other businesses taking heat from the government (rumor has it WikiLeaks is considering relocating offshore).
Island for Sale!
Private Islands Inc. is advertising private islands available for as low as $175,000-$350,000 — many of which already have cute little cottages waiting for you to move in. Some are small (half an acre) while others are 75 acres or more. Private islands are available all over the globe — Connecticut, Florida, Sweden, or Ontario, to name a few from the list.
Many celebrities own private islands in the Exumas, located in the Bahamas. Johnny Depp bought Little Hall’s Pond Cay, which Depp boasts is exclusively run on solar power. Eddie Murphy, David Copperfield, Nicolas Cage, and Tim McGraw and Faith Hill also own their own islands in the Bahamas. Mel Gibson owns an island in Fiji; we’re not sure what the man plans to do with the uninhabited 5,400-acre island, but it sounds pretty cool. Leonardo DiCaprio is co-owner of an island in Belize, which he reportedly plans to make public.
Who’s In Charge Here?
Even if you own a private island, you may want to hold off on buying a crown, perching yourself on a throne, and making all visitors address you as “Your Majesty.” Most islands have been claimed by neighboring countries, so ruling your own island paradise without paying property taxes to someone is probably out of the question — except maybe in Antarctica.
Since just about every last island on the planet has been claimed by some country, some radicals wanting to create their own Utopia have come up with a pretty sneaky idea: building their own island. A former Google software engineer and the founder of PayPal currently have plans in the works to create sea-based platforms governed by their own laws. Their project — known as the Seasteading Institute — hopes to use their man-made islands to facilitate experiments in business and law. But theirs isn’t the first man-made island.
The Principality of Sealand — founded on an abandoned World War II sea fort off the coast of England — enjoys supposed sovereignty and independence — and is rumored to be a possible prospect for WikiLeak’s new home.
The Republic of Minerva was created as another “micronation” created to be a libertarian society without any economic government intervention (taxes, welfare, or subsidies). The Republic of Minerva issued its own declaration of independence in 1972 via letters to neighboring countries, even creating its own currency. Unfortunately, Tonga eventually took over the Minerva Reefs and neighboring states such as Australia, New Zealand, Fiji, and Samoa recognized Tonga’s claim. At any rate, the man-made island appears to have washed away.
The Republic of Rose Island was a platform constructed by an Italian engineer in 1967. It included a restaurant, bar, nightclub, souvenir shop and a post office. Rose Island issued its own stamps and had plans for its own currency, but the Italian government saw the project as a ploy to raise tax-free money from tourists and soon took control.
Things to Consider When Buying an Island
Obviously you need to consider sustainability when isolating yourself on an island. Any supplies will need to be transported there by boat or plane, so make sure there is a place to build a well or other means of obtaining fresh water.
Then there’s the law to consider; obtaining international land can be confusing when encountering new laws, so services of a law firm experienced in assisting foreign citizens acquiring property will help clarify foreign development regulations. Once you have established a population and a government with a constitution, you’ll need to officially declare your independence from neighboring countries — which they may ignore, so it couldn’t hurt to hire a small army. You’ll also need to establish your financial system, including currency and taxation methods.
While starting your own country might sound tempting, there are bound to be rules in place wherever you go — even if you own all land in sight; unless you have the means to pile loads of sand in the middle of the ocean or build another type of artificial island, it’s best to read up on local laws wherever you buy real estate.
