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?
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.
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.
We hope you found this article about “Should You Buy a Private Island?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe to our YouTube Channel for more updates.
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
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
See Lynn Thomas’ Recent Interview with Alan Olsen: https://youtu.be/0VFOWFl3wqk Lynn Thomas has been helping clients unlock success, one idea at a time by executing tailored client presentations that deliver extraordinary client experiences. Her firm specializes in creating and implementing plans based on new tax laws and the ever-changing market research. Lynn connects with her clients…
See Dr. Lee Hood’s recent interview with Alan Olsen: https://youtu.be/60DDZ0MJ8QE Dr. Lee M. Hood is best known for his development of technologies which have enabled the advancement of predictive, preventative medicine. Dr Hood’s journey began at a young age, when he was an assistant professor of molecular immunology at California Institute of Technology in 1973.…
See Ali’s recent interview with Alan Olsen on Youtube: https://www.youtube.com/watch?v=MJyKKqTCaBM Ali Nasser is a serial entrepreneur who has been helping business owners for nearly twenty years. He understands the legacy dilemma and financial freedom that many business owners face when it comes to their life experience, which is why he has developed a powerful and…
Transcript Alan Olsen Welcome to American Dreams. I’m here today with Lynn Thomas. Lynn, welcome to today’s show. Lynn Thomas Thank you for having me on. I’m delighted to be here. Alan Olsen So Lynn, for the listeners, you have a remarkable career. I think you started out with Arthur Andersen. Lynn Thomas Yes, I…