Should You Buy a Private Island?

SHOULD YOU BUY A PRIVATE ISLAND?

Should You Buy a Private Island?

From private yachts to private hotels and from private jets to private concerts, the world’s richest people can afford and enjoy some of life’s most luxurious splurges. So what buy private island? Have you ever considered owning your own piece of heaven? The private island market is not a big one, but they are available to some of the world’s wealthiest people. And let’s face it, if you’re considering buying an island then money probably isn’t an issue. While many of the world’s ultra-rich can find several reasons to own a private yacht or plane, is it really a good idea to buy a private island?

It’s a Process

Of course, the answer depends on whom you ask, and what you plan to use it for. There are several issues that come with owning your own how to buy a private island. First off, it’s an island and although no one else can inhabit your new possession without your permission, there is likely nothing to inhabit, to begin with. For example, in most cases, there are no structures, electricity, plumbing or running water, or any other common amenities we often take for granted. So, even though you might find an uninhabited gorgeous tropical island for an incredible price, the purchase price is just the beginning and it will likely take a while to turn into your very own tropical resort. So here’s what you need to consider before taking that leap. ? Regulations & Rights – first, you must determine all the regulations that come with your purchase. What are your development rights, what restrictions exist and how long will the approval process take?

Determine Your Plan

everyone has their own personal reasons for buying an island, but for the most part, they want to build a tropical paradise fit for a king. That means you will need to decide what kind of structures, and how many, you plan to build, plus how many employees, if any, will be working on the island and how often will you be visiting. You can’t just throw something together, either. You have to consider the climate as well as possible storms and how far you will be located from the closest civilization and how you’ll travel to and from your island.

• The Bare necessities – there won’t be a grocery store on your island, so you must determine how you are going to live and survive while you are there. What will you eat and drink? How will you get water, electricity, and plumbing to the island?

Transportation

this isn’t a question of how you will get around on your island, although if it’s big enough you will have to address this issue as well. The real question is how will you get everything you need to the island, including all the building materials? Of course, your contractor will help with this but make sure you consider all the ramifications of this process carefully.

Be Patient

you’ve dreamed of having buy your own island, but you also have to be prepared to wait. The process to create your buy an island resort is a lengthy one, from start to finish, so don’t expect things to happen overnight. It will take a lot of time and extra money before you finally get to move in.

Owning your own tropical island can be an amazing luxury, but it won’t come cheap or easy. Nothing worthwhile ever does.

 

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Alan Olsen, CPA

Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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