The private island offers a wide variety of sizes, styles and locations, and determining which type of property is best suited to your needs can be an intimidating task. Our experienced staff at Private Islands Inc. are always available to assist with your questions or concerns- at no cost to you. Our compensation is arranged directly with the island's seller, and there are no additional fees charged to purchasers by our company. As a basic guide, in our years in the industry we've found that there are some essential considerations that all clients should be aware of when starting the process of island purchase.
1. Narrow down a suitable location. The usual delineation in the island business is tropical vs. temperate, and this can be a more nuanced decision than it initially appears. Tropical islands are ideal for those who desire a winter home or who have an affinity with the local region, whereas those primarily looking for a summer home may want to consider the relatively inexpensive islands of Nova Scotia, lake regions of Ontario and the USA. Another more subtle consideration is that when you purchase a private island, you also buy its surroundings, and should feel safe and comfortable with the local people and culture. Private Islands Inc. encourages extensive research into the local area, including visits to neighbouring towns and discussions with the current owner or other local expats.
2. Determine your preference for leasehold or freehold. Freehold property is owned outright, much like under common North American or European law. However, in many countries such as in parts of Oceania or Asia, the only type of property open to foreign ownership is through the purchase of long-term leases. For those who wish to purchase in these regions and where passing the island on as an inheritance is not a concern, leaseholds may be a good option. For those who want full title ownership and may want to pass the island down through the family, freehold should be a priority.
3. Identify the level of surrounding infrastructure necessary for you. Many potential island owners love the fantasy of being on far away from civilization, but the reality is not always so desirable. An important consideration for potential buyers to analyze what nearby amenities are necessary for their comfort and safety. These include hospitals and medical care, shopping, restaurants, mainland boat dockage and parking, and airports. Some owners are happy to be within several hours of civilization, whereas many prefer to purchase islands a 15-minute boat ride from town.
4. Ensure that your desired level of development is possible. Prior to considering an island it is essential to determine that government environmental regulations do not prohibit the building you intend to do on the island. Sources for information include the current owner, local island broker and government land agencies. Request information the current zoning, permits that may already be in place, and the likelihood of altering or obtaining development permissions.
5. Keep in mind that the time it takes to get to your island should be worth the amount of time you'll spend on it. Island buyers often have busy schedules, and spending 10 or even 14 hours to fly from the USA to Oceania may not be an option. If the island is intended as a weekend getaway or used for just a few days at a time, island regions within a few hours flight of home are a wise decision. If the island may be used for a few weeks or a month at a time, longer travel times are more reasonable.
6. Book sufficient time to view properties. When viewing distant or international properties, it's very important to ensure that you allocate sufficient time for the trip, and if possible, arrange to see a number of different options. Unforeseen circumstances such as bad weather or strong winds can cause delays, and even in well-travelled areas like the Bahamas it is recommended that potential buyers prepare for spending at least 3-4 days on a viewing trip.
7. Employ a law firm in the island's home country specializing in real estate and maritime law. Particularly when purchasing property internationally, you may be required to navigate unfamiliar laws and regulations. Using the services of a law firm experienced in assisting foreign citizens acquire property will help prevent issues or confusion during the purchase process. They will assist in affirming the island's title, clarifying government investment and development regulations, and act as an advocate on your behalf during negotiations.
We encourage you to research the various regions and property types on Private Islands Online to get a sense of what most appeals to your needs and lifestyle, or contact us to discuss with one of our staff. After determining your general property specifications, the Virtual Island Broker will match your criteria against virtually every private island on the market- including those that are not publicly advertised.