If you're thinking "a private island… sure, maybe when I win the lottery," don't despair - buying a private island is a much more attainable goal than you probably realize. There's no denying it, a few million bucks in the bank will expand your options considerably, but the days when islands were the exclusive status symbols of the rich and famous are long gone....
http://www.privateislandsonline.com/
And of course, there is this consideration...
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Other points of note: There's a difference between owning an island and having sovereignty. Sovereignty is a mixed blessing, as various things have to be budgeted for, such as defense for example! In the case of not having sovereignty, it's a matter of making sure the laws of the country which has the sovereignty aren't too bad. For example, the tax haven status. However I have heard that there exist islands which can be got, including the sovereignty, but the defense issue is covered by a neighbouring state provided they have use of the air-space over the island's territory.
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Busterstacks was recently seen applying for recognition from the UN [img]/images/graemlins/wink.gif[/img]