Let’s just say, you won the lottery or you promoted from being just one of the managers to being the AVP for some department, or got a big break at a movie or a tv series, or inherited millions?, may sound outrageous, but still very possible, what would you do with the big bucks?I know there billions of ways to spend millions but if you want to flaunt how rich you are without being featured in Forbes and in turn be the target of kidnap for ransom groups, buying an island is certainly a very good option.
And you don’t have to be one of the Middle East crown princes, Hollywood actors and Fortune 500 CEOs to own your island paradise. But of course, you don’t only have to possess the money, you’ve got to learn a few things before buying an island. Also, you have to know which ones are worth your money and yet will truly be a private haven. So, here are the isles on the block:
Romblon Island, Philippines – this is a 4.5 hectare island which is 90 minutes away by boat from Boracay island. This island in the south has a house with a separate guesthouse which has both power and a sewerage system. One small glitch is that there’s no desalination plant, though there are two rainwater storage tanks that can provide up to four month’s supply of water.
TAG PRICE: US$900,000
Temptation Island, Thailand – this is just off the coast of Phuket which consists of two islands of the coast of Ko Samui and houses a three-star resort. A setback you might encounter here is that it badly needs renovation and upgrading, with a desalination plant needed. Also, the islands off Ko Samui aren’t all that so private, you can walk to them from the mainland during low tides.
TAG PRICE: US$23 million
Pulau Rusukan Besar, Malaysia – it’s approximately 2 kilometers off the island of Labuan located off Sabah State on Borneo. This island is ideal for a diving resort due to the four shipwrecks. But the catch is that is doesn’t have any buildings or desalination facilities.
TAG PRICE: RM 10 million
Malaysia is one of the countries that do allow foreign land ownership. What better here is that it offers foreign buyers local financing and 10-year visas after a fixed deposit up to RM 300,000.
But you still have to do your homework as most Asian countries have strict regulations, except Malaysia. As a rule of thumb, foreigners can only invest in islands through long-term leases or by forming a corporation. A good step will be renting the island first before buying it. Through this, you can get a real feel for the environment.
Buying an island is a good way to spend your millions. If ever I’ll earn millions, I’ll add a private yacht, a fleet of convertible sports cars or spend the holidays in the Carribean. How ’bout you? What would you do if you’re given millions to spend?