When it comes to private islands, most people assume it’s a privilege reserved for celebrities and the wealthy. But with the coronavirus pandemic forcing many to rethink travel plans, a niche industry is seeing a surge in interest for secluded island getaways. And it turns out that a private island isn’t necessarily as pricey as you might think. In fact, some secluded private islands can be purchased for less than the cost of a city apartment.
For example, according to Elite Traveler, a small plot of land on Florida’s Hangover Island can be purchased for just over $100,000. While that’s certainly much less than the millions that might be needed to buy a private island in Hawaii, it’s still well within reach for most people looking to treat themselves to a secluded retreat.
In fact, there are more private islands for sale than you might expect, especially if you’re not expecting year-round sunshine or a ready-made tourist resort included with the purchase. For instance, Norwegian Cruise Line owns a number of private islands, including Great Stirrup Cay in the Bahamas and Harvest Caye in Belize, both of which are accessible to travelers via their cruise ships. Guests who visit these islands can enjoy a variety of paid amenities, such as water toys and equipment and pre-booked shore excursions.
Other private island owners offer their secluded getaways to the general public through real estate agencies. And some even offer their secluded paradises as rental properties for a fraction of the cost of staying at a hotel. But the majority of private islands are still owned by wealthy individuals and a few corporate entities like cruise lines, hotels and casinos.
Many buyers of private islands are drawn to the experience of owning an island, rather than just the financial benefits. One such buyer is Johnny Depp, who spent $50 million for 11 islands in the Bahamas, including Musha Cay, where he spends about 10 weeks a year at his compound. Other high profile owners include David Copperfield, who spent about $30 million for his own private island in the Bahamas.
The most important thing to keep in mind if you’re considering purchasing a private island is that your purchase will likely require a few legal hurdles. And if you plan to use your island for business, be prepared for the tax laws in the country where the island is located to come into play.
For example, the 5,187-acre Vatuvara Private Islands Resort in Fiji’s pristine Northern Lau Group is currently on the market for a whopping $155 million, making it one of the world’s most expensive private islands. The sale price includes four islands in the group along with an Otter aircraft and responsibility for the resort’s charitable arm, the Vetuvara Foundation. Of course, any potential island owner should also consider the impact that their purchase will have on the surrounding oceans.