Lyric discussion by pkjun 

Written after Ringo went on a vacation sea cruise after the exhausting Get Back sessions. Saw a reef, thought it would be comforting to live there and not have to deal with any of the problems involved with being...well, a Beatle...

"We would be so happy, you and me, no-one there to tell us what to do"

"We would sing and dance around because we know we can’t be found"

Just simple escape. Best song Ringo did...which isn't saying much :)

yep, Sardinia as mentioned below

An error occured.