The process of buying a private island is similar to the action of buying a house in multiple ways, only the cost is much greater. Buying an island is similar, but there are far more things to consider, , the buyer of an island has no experience on which to base his or her judgment apart from an emotional attachment says Sachin Karpe. Considering the amount of money that you have to spend to buy a private island, it’s critical that you are aware of the following issues.
Set your price: It’s stating the obvious to say that the bigger your budget, the better an island you can afford, but some people have very unrealistic expectations of what they can afford.
Choose your location: The location of an island is one of the most crucial factors in most people’s decision to purchase. It’s very important that you strongly consider this when purchasing. You’re not just buying an island, you’re buying its surroundings.
Make sure there’s a reliable water supply: You’ll find water is the most important element of living on an island, and the second largest factor affecting the choice of an island. In general, the smaller the island, the less water.
Determine your rights of ownership: In many countries ownership of an island only extends as far as the high tide mark, with the beaches below that belonging to the government. In general, this means that you own the island, but cannot develop below the high tide mark and the beaches may therefore not be yours. When buying islands in foreign countries, you should engage an attorney to do a full check of the island’s documentation