Read these pros and cons before you make any commitments.
The benefits of owning a private island after TEOTWAWKI are clear. As long as you have a security team that can defend the island, this is as far away as you can get from those who would try to take your resources for themselves. After a catastrophic event, travel will become difficult no matter who or where you are. Some islands are so remote they take many hours to travel to by boat. Let’s face it, not many people will be able to follow you.
Aside from their obvious security benefits, private islands have long been a status symbol. According to some expert estimates, there are only 2,000 islands that can be developed. The rest are too far from land or connected to countries that are already unstable and chaotic. Richard Branson, David Copperfield, Celine Dion, and Johnny Depp count themselves among the elite island owners, as does Oracle’s CEO Larry Ellison, who dropped $500M to purchase the entire Hawaiian island of Lana’i.
Owning a private island means experiencing breathtaking 360-degree views, the highest possible degree of privacy, and a higher chance of surviving the apocalypse. It also means you’ll need to handle maintenance needs beyond anything you’ve ever previously encountered. Before you make any big decisions during your island search, read Rob Raskin’s Millionaire Survivalist’s guide to everything you’ll need to know about private island survivalism.
What to Expect When You Own a Private Island
These are some of the most common questions about owning your own private island.
Can I Start My Own Country?
After TEOTWAWKI, when it comes to the law all bets are off. However, as things stand right now, chances are you will not be able to claim sovereignty. There are virtually no islands that are not claimed by a national government. If you want to be a sovereign nation, your best bet is to look for an island that is controlled by a poor, corrupt government. Their officials may be willing to take your cash regardless of the laws.
Will I Still Have to Pay Taxes?
You will still need to pay the taxes of any country that controls your private island, at least for now. Once the governments have collapsed, that will no longer be an issue. Look into the tax laws of the country before you consider purchasing any private island property.
How Are Islands Financed?
If you want to buy an island, you’ll need to pay cash up-front, because banks won’t grant you a loan. This is due to the fact that it is difficult for banks to establish the value of the island due to the large number of variables that need to be considered and can change at any moment. Because these properties are so scarce, chances are the bank won’t be able to find one near yours to use for comparison.
What to Look for When Choosing an Island
By understanding the features and conditions you should be looking for during your island search, you’ll increase your chances of ending up with the right property for your needs. This checklist is your starting point.
When choosing a private island property, look for…
- A lightly developed property. If it’s too developed, you won’t have space to realize your own vision for the island. If it’s undeveloped, you may have difficulty getting permits to develop it.
- A property with a source of fresh water. With a fresh water source on your island, you won’t have to worry about where your water will come from—just making sure it’s purified.
- An island with access to electricity. This may not matter after the SHTF, as no one else will have power, either. Just keep in mind it won’t be cheap to transport generators to the island. You can also use solar power, but that’s also going to be very expensive and require permits if it’s not already in place.
- Something that is not too remote. You want to be far away enough that it won’t be easy to discover your island or to invade it, but if it’s too remote you might find it very difficult to get supplies after you’ve run out.
- An island that is near an airport. If the airport is still operational after the grid goes down, this will be a huge bonus. You’ll also want to make sure you choose an island that is large enough to house a runway if you’re going to go the private airport route.
The biggest thing to keep in mind is if you own an island, you’ll need to be prepared to handle the environment, maintenance, travel, security, and more. Anything can happen, and after the SHTF, it probably will. Visit Rob Raskin’s Millionaire Survivalist again next week for a look at private islands around the world that are for sale right now and the biggest drawbacks of private island ownership.
Take a look at the 10 most expensive private islands in the world.
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