Having a Private Island is something many of us dream about. It’s a status symbol, evoking images of arriving by seaplane to a beach where stewards rush to grab your luggage and white-gloved butlers offer you a glass of Champagne. But, as with any high-end real estate, it can be a complicated and expensive endeavor. And, just like any other property purchase, a potential island owner must consider what’s involved and whether it will really meet their needs and expectations.
A private island is a very different kind of real estate than a home or condominium, which is why the process of buying one requires a lot of research. There are a variety of questions to ask, including: what will the island be used for? Will it be a vacation destination, a luxury resort or some other purpose? Are there any environmental concerns that need to be taken into consideration? How much does the island cost, and how will it be financed?
In addition, if the island is located in a country other than your own, there may be tax implications to consider. This is a topic that will require careful attention to detail, as well as a thorough understanding of the laws in the country where the island is located. It is important to work with a knowledgeable broker and a firm that understands the unique issues involved in private island ownership.
Some people buy islands as a luxury destination for themselves and their family to enjoy. Other buyers are looking to use their islands as an investment and generate income by renting them out to visitors. Whatever the reason, a private island offers many advantages that can make it a wonderful place to live or visit.
The most obvious benefit is privacy and solitude, which can be a big draw for some. There are also opportunities to experience a more natural and eco-friendly lifestyle, depending on the location of the island and the type of development that is planned.
For those who have the money to afford it, there are a number of beautiful and spectacular private islands available to purchase. Some, such as the Hawaiian island that Oracle CEO Larry Ellison bought in 2012 for $300 million, are destined to become luxury tourist destinations, while others have been purchased by billionaires and celebrities for their own personal use or as an investment.
While owning a private island is certainly not for everyone, it can be an excellent and rewarding opportunity for those who do have the means. Whether you are looking to escape the hustle and bustle of daily life or simply wish to spend more time with your family and friends, an island can be a wonderful way to do just that.