From time to time the temptation to drift into personal reverie, imagining ourselves alive at a different, simpler and better time, becomes overwhelming. Certain aspects of 21st century life, however, are apt to bring us crashing back to reality. One way of ensuring a soft landing is to peruse Private Islands Online. The name is not misleading; this is an online resource for the buying and selling of private islands.
It may be surprising to learn that islands, once the exclusive preserve of the eye-wateringly wealthy, can now be bought over the internet. The origins of the business, however, are remarkably straightforward, explains Chris Krolow, CEO and founder of Private Islands, Inc, the owner of Private Islands Online.
“I was running a tour company sixteen years ago, taking tourists around national parks in Canada,” he says. “Many of those parks are enormous lakes dotted with small islands. The islands always proved a big hit with visitors, to the extent that we considered buying an island ourselves at one stage.”
“Nothing came of that, unfortunately,” he continues, “but some time later a man approached me out of the blue wanting to sell his island off the coast of Belize. I put up a small advert on my company website, which turned out to be successful. A short while later, a $60,000 commission cheque arrived in the post. The rest, as they say, is history.”
The vast majority of Private Islands Inc’s client base is looking to purchase an island either as a development project or a secluded getaway. Some, however, have a rather more eccentric agenda.
“To give you an example, we have had calls from individuals who are trying to start their own country,” says Krolow. “We have to be quite careful with these people because you never know how serious they are.”
“I should stress at this point; no one actually buys an island solely via the website,” he
adds. “The website is for window shopping. The process of buying an island is obviously considerably more complicated than the average online purchase.”
Buyers of Caribbean islands are often required to begin developing sooner rather than later, to discourage owners from using their islands as an investment. Apart from that, buying and selling an island does not throw up as many obstacles as one might expect.
“There are no particular legal or tax-related quirks associated with islands,” Krolow says.
“Bequeathing an island is no more complicated than passing on a house. There are a few things to take into consideration however, such as difficulty of access, seasonal water levels, obstructed views and proximity to the mainland, that are unique to island ownership.”
With few natural competitors in the marketplace, Krolow and Private Islands Inc could be forgiven for resting on their laurels. Instead, they have exciting and ambitious plans for the future.
“The next stage for us is man-made islands,” explains Krolow. “We’re intrigued by what the Netherlands has done – and what Dubai is currently doing – with reclaimed land. It raises intriguing questions about the potential for bespoke islands. Not just bespoke development, but bespoke terrain as well.”
The idea of owning an island that has been designed – from the seabed up – to a personal specification is enough to set any potential purchaser’s heart aflutter. The potential for diversity is enormous, ranging from a modest family retreat to an expansive tourist development. This all begs the question: could the 100% bespoke private island be next summer’s must-have item?
