Every day, another person becomes a millionaire. Because of that, crazy real estate trends are popping up here and there. For example, the ultra-rich are buying high value real estate properties in Singapore, Hong Kong, South Korea, and many parts of Europe. People are actually buying castles, too.
It’s not surprising that the next stage is buying an island. Why an island? It’s private, it’s usually a huge piece of property, and you can tell people you own an island. You can even apply to make an island a country if you have enough money.
Most of these properties were bought or sold for a dollar, more or less, in those periods. Considering inflation, these properties haven’t increased to the point of insanity yet. That is why people who have money are buying and selling islands like it’s candy.
At present, many tropical islands cost as much as a small mansion. The owner would just need to spend more on construction and environmental protection. Take Mark Zuckerberg who basically bought a “landlocked island” in Hawaii. While it is still part of a huge island, the price of the property on sale was a steal for the owner of Facebook.
In different countries, you have to follow the laws and sometimes co-own a property with a citizen. There are property management companies that allow foreigners to do this by co-owning the property with the company. Basically, they just pay a fee for the chance to own the island, but they don’t need to follow the 60-40, 70-30, or whatever sharing laws are applicable to that island.
It’s not surprising that the next stage is buying an island. Why an island? It’s private, it’s usually a huge piece of property, and you can tell people you own an island. You can even apply to make an island a country if you have enough money.
How are people buying islands?
People seem to forget that once upon a time, very rich people in the 18th and 19th century bought large plots of land before the government started taking lands for themselves. These pieces of land were passed down from generation to generation.Most of these properties were bought or sold for a dollar, more or less, in those periods. Considering inflation, these properties haven’t increased to the point of insanity yet. That is why people who have money are buying and selling islands like it’s candy.
At present, many tropical islands cost as much as a small mansion. The owner would just need to spend more on construction and environmental protection. Take Mark Zuckerberg who basically bought a “landlocked island” in Hawaii. While it is still part of a huge island, the price of the property on sale was a steal for the owner of Facebook.
What is the process of buying an island?
In the Unites States, some people sell islands on lakes or some pieces of land off the coast. There aren’t many of those in the West coast, but the East coast has some cozy island properties that are not tropical, but will do for the island shopper.In different countries, you have to follow the laws and sometimes co-own a property with a citizen. There are property management companies that allow foreigners to do this by co-owning the property with the company. Basically, they just pay a fee for the chance to own the island, but they don’t need to follow the 60-40, 70-30, or whatever sharing laws are applicable to that island.
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