As far as luxury travel destinations go, few offer more seclusion and opulence than a private island. From the pristine beaches and lush vegetation of Jamaica to the sprawling, celebrity-endorsed resorts of the Bahamas, these private islands offer a once-in-a-lifetime experience.
Buying an island isn’t much different from purchasing any other property, except the process is often more involved and requires special expertise. For this reason, it’s advisable to work with an experienced real estate professional who can help you navigate the intricacies of private island ownership.
The right island can make the perfect vacation home or multigenerational family compound, and is a great choice for those who want to live a truly private lifestyle. Many of these luxury islands also provide their owners with a variety of recreational activities, such as sailing, diving, fishing, and hiking. For some people, an island can even be their ultimate retirement home.
Some celebrities have already jumped on the private island bandwagon, including Oracle CEO Larry Ellison and Virgin Airlines boss Richard Branson. Branson has purchased islands in both the British Virgin Islands and Hawaii, while actor Johnny Depp owns one in the Bahamas. For those who can’t quite afford the price tag of a private island, there are plenty of affordable options available as well.
In the US, for example, the Florida Keys are teeming with private islands, many of which are accessible by a short boat ride from mainland Florida. One of the most affordable is Terra’s Key in Islamorada, which offers miles of open water views and the sights of Alligator Reef Lighthouse. The Caribbean and Latin America are also hot spots for private islands, with the latter offering the chance to explore the cultures of Venezuela, Cuba, Brazil, and more.
But don’t think that an island is a ticket to paradise. Owning a private island has its challenges, not the least of which is finding the right contractor to handle everything from construction to maintenance. A private island is a remote place, and it’s easy for problems to get out of hand. “The farther away you are, the more difficult it is to have a plumber come and fix a leak,” says Real Estate Expert Robb Report.
If you’re interested in a private island, consider a destination with nearby support services. It’s also a good idea to check local zoning laws and environmental restrictions before making a purchase. Also, you may want to find out how easy it is to bring in power and other infrastructure to the island. Lastly, it’s important to determine the purpose of the island—is it for recreation or permanent living?—and how many visitors are expected. This will determine the level of security and amenities you’ll need.