[quote=@Eldritch Puppy]
Couldn't the land be owned separately from the business by an LLC? That way the land and the business going on on it are legally separated?
[/quote]

I suppose it could, since companies IRL do make "shadow companies" that basically only exist for the purposes of getting tax breaks, so it's plausible that some random real estate company bought out the islands in question and just write it off. Though, doing this [i]is[/i] suspect for the government to accuse you of inside trading/cartels, and if there's one thing that can take on a PMC, it's a lawsuit from the IRS. 

TL;My Answers Are Too Long: Yes and RPing the potential consequences could be kinda cool too