Having a Private Island is the ultimate dream for many. However, with island costs ranging from the tens of thousands to the millions, it’s not quite as feasible for most people as it once was. With advances in technology, it’s now possible to live and work from the comfort of a beach or remote jungle, but there are a few things that prospective buyers should consider before committing to this kind of lifestyle.
The main reason that many people buy an island is for the privacy it offers. The ability to spend quiet time in peace or host lively parties without worrying about neighbors is a major draw. Some islands also offer 360-degree views that you can’t experience with mainland waterfront property, as well as higher rental income potential than many other forms of real estate.
As with any investment, it’s important to set a budget before beginning your search. Once you have an idea of how much you can afford to pay, you should begin looking at specific islands. The amount of infrastructure that is already in place, the region’s climate and which country’s jurisdiction the island is under are just a few of the factors that should be considered. You’ll also want to think about how easy it will be to travel to and from your island for supplies and emergency situations.
Lastly, you’ll need to determine which types of wildlife you want on your island and if any of them are endangered or protected. The more species you bring on board, the more expensive it will be to maintain and feed them. You’ll also want to find out about any restrictions on fishing and hunting on the island you’re considering buying.
It’s also important to find out whether an island is move-in ready or if it will require extensive renovations. Some islands are fully inhabited, while others will need to be completely rebuilt from the ground up. If you’re willing to put in the time and money, a reputable island broker should be able to help you navigate the process.
The main thing to remember is that a private island will still be under the jurisdiction of a certain country. This means that you’ll likely have to pay taxes on it, just like you would if you bought land in the US. The exact amount that you’ll need to pay will depend on the location and which country the island technically belongs to.