How to Buy a Private Island
Buying a private island is the ultimate status symbol. It can make you feel like the king of your own country, but can quickly turn you into a pauper if you're not prepared. If you want to buy a private island, follow these simple steps to avoid having your dream purchase turn into an Atlantis-sized nightmare.
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Instructions
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Decide if owning a private island is for you. It takes an independent spirit to make island ownership work. For some, it may be more than they can handle.
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Choose the type of island you want based on how it will be used. There are developed residential islands for vacationing and undeveloped islands for commercial development. The island you choose should match your needs. A tiny island in Nova Scotia can be as cheap at $30,000, but 600-acre Great and Little Hans Lollik in the Caribbean, perfect for a new luxury resort, will run you $45 million.
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Complete a detailed budget. There are many drains on your wallet when owning an island, such as like taxes, development costs and caretakers' salaries if you aren't going to live there year-round. The purchase price shouldn't empty your financial reserves. If it does, you won't be able to afford to keep your island paradise very long.
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Choose the location of your island. If you plan on living there all year, you should stay in a temperate climate like the Bahamas, but if you are only vacationing, you can choose a locale that is only temperate during the summer.
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Research your list of possible islands thoroughly. There are many concerns, from access to health care facilities and airports to communications and development materials. Use websites like "Private Islands Online" and "Vladi Private Islands" to search for available islands.
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Visit the island. You wouldn't buy a car without a test drive; so you shouldn't buy an island without spending time there. You'll need transportation to and from the island. If the island is untouched, it may be difficult to land a plane, so try chartering a boat. Use services like Total Yachts (see Resources below).
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Hire a lawyer--or five. Purchasing an island can mean miles of red tape and taxes. Make sure you have experienced legal counsel to save you money and hassle.
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Tips & Warnings
There are numerous books people have written about their island experiences. If you haven't spent much time on an island, read up on what the day-to-day experience is truly like.
Make sure you know the political situation around your island. Nobody wants to spend $5 million on an island just to have it invaded by a rebel army.
Unless you like everyday repetition, living on an island is not for you. While the weather and views can be spectacular, there won't be a new restaurant or nightspot to try every weekend.
