Located in a Lunenburg Country on the south shore of Nova Scotia, Canada, Oak Island is a place of many legends for centuries. The most famous legend tells about the hidden treasure and the deadly outcome for people who try to find it.
The Legend of the Oak Island’s treasure
The Legend of the treasure hidden on the Oak Island wasn’t familiar around the world for a long period of time. As per the legend, seven people have to die while searching for hidden treasure, before the Oak Island will allow the seekers to finally find a secret fortune. In the 19th century, many expeditions were organized, unfortunately without success. The mystery of the Oak Island challenged the History Chanel to film a series of documentaries called “The Curse of Oak Island” with Lagina brothers in the roles of main seekers.
The Curse of Oak Island
The History Chanel’s show is already in its sixth season, with Rick and Marty Lagina, brothers who are trying to find hidden treasure and valuable objects, located somewhere on the Oak Island. While on this expedition, Lagina brothers are combining the historical sources and modern technology. As per the History Channel, Rick and Marty made remarkable discoveries last year, which will help him on resolving the mystery of the Oak Island in the next season.
It is not sure if the Oak Island Curse is yet fulfilled, but based on the Island’s documentation, more than 7 people already died while searching for the mystery treasure.
What taxes Laginas brothers have to pay if they find a lost treasure?
What are the legal obligations of Lagina brothers in case they find any mysterious treasure? Well, they have already been lucky to find some objects but not the whole fortune of Oak Island’s legend.
In 2014 the Island published an official Act regarding any treasure discoveries. The Oak Island Treasure Act presents the set of rules necessary to be fulfilled in case any treasure is found on the Island. Every individual is required to submit the written document with details of location, time, way and type of the treasure found. The document has to be submitted to the Minister of Natural Resources of the Oak Island. The acts also require certain tax to be played, however, it doesn’t specify the exact amount. The official statement says: “Upon payment of a royalty at the rate prescribed by a license, the Minister may conform to the holder the right to retain for the license holder’s own use and benefit any treasure discovered and recovered by the holder of the license within the area covered by the license.”
