I'm a basic account (no point in being premium, since Stipends were reduced), and I've recently become a "payor" for an island. I'd like to see the definite answer to Lias' question about getting conflicting answers from Torley and Fritz.
I'd have to agree with Fritz' answer as being the logical one, because island accounts are not part of the "tier" system on the mainland. It would not make sense to require the island "payor" to be a premium account because no tier is required for island ownership.