Having a Private Island is a dream for many. But is it really possible to buy your own private island and what are the real pros and cons of doing so?
In a world where the ultra-wealthy are increasingly looking to invest their money in assets that bring them prestige and status, buying an island has become a symbol of wealth. Billionaire celebrities such as former Oracle CEO Larry Ellison and Virgin boss Richard Branson own islands around the globe, while families are increasingly deciding to spend their vacations on private islands instead of resorts in order to enjoy more privacy and exclusivity.
With that said, the secluded property has also become popular for those seeking to experience an escape from the stresses of daily life. While private islands are typically pricey (and can cost far more than a city apartment), the perks of purchasing one include privacy, exclusivity, and higher rental-income potential than mainland waterfront properties.
But while the concept of owning a private island might sound tempting, it’s important to remember that an island is essentially a country in miniature, meaning it’s subject to the laws and regulations of the country that owns it. This means that you cannot simply make up your own rules on the island or create a new government structure, as that would technically be considered creating a separate country. The most private islands can be found in the Bahamas, the British Virgin Islands, and Hawaii, where there are numerous island-based tourism businesses that cater to tourists looking for a luxury getaway.
The other thing to consider is that an island doesn’t necessarily come with all the amenities of a regular home, including a grocery store, hospital, and other essential services. This can make it more difficult to get things done and can be problematic if emergencies occur. Considering these challenges, the decision to purchase an island should be based on the desired goals of the buyer, such as whether they are planning to use the island for vacationing or as a permanent residence.
Additionally, a private island requires a lot of planning and maintenance to remain in good shape. This can include the need for a full-time caretaker, a water supply, and sewage systems. This can add up to a hefty expense over time, which may not be something that all buyers are willing to pay for.