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Atoll Tale
Laura Walbert
08/02/2004
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Private island investment
opportunities need to be weighed against the costs and benefits of other
retreats, such as a small ranch in Texas, a ski house in Aspen, a townhouse in
London or a condo in Miami Beach. “The island could be a great value, but not
for you,” Roulac says. If the island’s charms outweigh those of other options,
consider renting for a year before actually buying. Researching and purchasing
an island usually takes many months and, in some cases, well over a year.
Selling, of course, takes a like amount of time, if not more.
Local Expertise
A local attorney and a local real estate agent are our
greatest allies in our hunt for our atoll, especially when searching for one
outside of U.S. territory. “Hire a really powerful local attorney who is
politically connected,” Horsman urges. “It’s not a matter of paying bribes or
even premium legal fees, but simply knowing the local players and the local
regulations.” Dillard agrees: “With different nations, you are going from
English to French to Spanish governmental history. It is very important that it
all be done in a certain way to meet government requirements and make sure you
have total ownership.”
While properties in the Bahamas and off the coast of
Belize are generally available to foreign buyers, acquiring properties in the
British Virgin Islands and the Grenadines can be more problematic, according to
Dillard. “You will go through quite a lengthy process to get government
approval.” Even in the Bahamas, the government will check to make sure we have
no criminal record, Christie adds. In extreme cases, governments can reserve the
right to reclaim land sold to foreigners.
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