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Either you take the military route as mentioned by J Francesco above, i.e. you keep destroying port buildings until an island's resistance value drops so low you can capture it.
Or you take the economic route, acquire the majority of shares (to of the screen next to the name of the island is a cake diagram you can click) and then pay a certain fee to take over the island.
just rememeber it is also tricky, when you take island it will add reputation cost, so it mean because you take the island you cant build more ship
Meanwhile, both are much more expensive than standard cannon turrets.
Yes, the economic route does not require you being at war.
What you can do about this is buying multiple islands simultaneously and hope that the AI concentrates on buying back the shares of the islands you *don't* want right now.
When you said "resistance value" does that refer to an actual numeric value that can be checked? I know that on the diplomacy screen it shows bar charts with values, one of them military. Do you mean that value?
The more harbour buildings and especially defense buildings an island has, the harder it will be to take.
If an attack fails or you choose to retreat to repair, you'll get a countdown of a few minutes during which the island will still be considered to be under attack and you can potentially send in the next wave to continue. If the countdown runs out, the attack will officially end, and the owner of the island will be able to repair and rebuild their defenses and buildings.
After the 10 minute countdown the cease fire continues and I am still able to control things on the island, the white flag still waving. What option do I have? I can buy a single share but of course the island remains in the possession of the enemy. I don't understand how I still can control things on the island...for example, I can build a cannon tower, but this would only go to the enemy when the ceasefire ends. Am I helpless at this point?
1) Destroy the entire island, and take over the port building.
They are now the owner of the island, but have to build it up from nothing.
2) Take over all the shares of the island, but leave the original owner in control.
As share owner, they get passive income off the island without having to do anything for it, but they run the risk that the original owner will try to buy back the shares. On the other hand, keeping control of the shares means they will get the chance to buyout the island, which means getting complete ownership over it with everything on it intact.
In your case, the second option happened. Meaning you still have the opportunity to try and buy back the shares of your island to prevent an economic takeover.
Thanks for the comprehensive reply. I have my main fighting ships standing by at the port, the enemy ships left after the surrender. It seems to me that as soon as the ceasefire times out, I can immediately attack and take back the island. BTW, I noticed that the port has some firepower all by itself that was unable to hold off the two enemy ships that attacked.
If I can retake the island, my ships have supplies that will allow me to immediately put up a cannon tower...
If they don't and they leave you in control, then you can't take back the shares by force, since the island is still yours.