How much does a private island cost?

Have you ever dreamed of owning your own private island? It sounds like something only billionaires can do, so you might be surprised to learn that some private islands cost less than an apartment in a major US city.

Whether you're seriously shopping or just curious, here's everything you need to know about buying a private island and how much it costs.

---

Table of contents
What is a private island? Can you actually buy a private island? How much does a private island usually cost? How do you buy a private island? Make fast, secure and low cost international transfers with Wise Top private islands available for ownership Buying a private island FAQs

---

What is a private island?

A private island is exactly what it sounds like. It's an island that's privately owned by a person or a business rather than controlled by a government.

Some private islands are untouched pieces of land that don't have basic infrastructure like running water. Other islands are fully developed properties with houses, docks and utilities.

You can find private islands that are completely isolated, but many are part of an archipelago or close to mainland areas.

Can you actually buy a private island?

Yes, you can actually buy an island! Buying a private island is more complex than buying regular real estate, but there are even dedicated websites for finding private islands for sale or rent, such as Private Islands Inc.

The Caribbean, particularly The Bahamas, leads the private island market. This region accounts for over 40% of global private island listings.¹

But you can also find private islands for sale in the South Pacific, South America, Southeast Asia, and even the US. Florida, New England, Wisconsin and other states all have islands for sale.

How much does a private island usually cost?

Naturally, buying a private island is expensive. But island prices vary a lot based on location, size, development status and accessibility.

You can find small, undeveloped islands for under 500,000 USD in some parts of the world. But the purchase price is just the beginning. Once you buy the island, you'll have to invest in development and maintenance.

A developed island comes with existing infrastructure, such as the main house, staff quarters, docks, and water and power systems. Some even have private airstrips. You might find luxury villas, tennis courts, boutique spas and other amenities.

These islands cost millions - and tens of millions - of dollars.

How do you buy a private island?

The process of buying a private island is similar to buying regular real estate, but there are important nuances to consider. Here's how it typically works.

Step 1. Determine your budget and financing options

Think about both the price of the island and development costs. Also, it's important to know that most island purchases are done in cash and traditional mortgages are rarely available.

Step 2. Research islands and locations

There are private islands available for sale all over the world. Many of them are in the Caribbean, but there are also options in South America, Asia, the Middle East and even Europe.

Step 3. Inquire about listings

Once you find an island you like, inquire about the listing. You can try websites like Island Seeker.

Step 4. Investigate development potential

If you're buying an undeveloped island, you'll need to look at aspects like the soil quality, elevation, fresh water sources and potential for installing utilities.

You should also consider the island's distance from the mainland and essential services like hospitals.

Step 5. Make your offer

If everything looks good, let the agent know that you'd like to proceed with the buying process and they'll walk you through the next steps.

It's important to do your due diligence, including verifying things like ownership rights, building permissions and environmental restrictions.

Make fast, secure and low cost international transfers with Wise

Send money to 160+ countries with the mid-market exchange rate and low, transparent fees with Wise. Set up a free Wise account online or in the Wise app, to transfer money fast in 40+ currencies.

Over 50% of Wise payments arrive instantly* — and all Wise transfers are deposited directly into your recipient's bank account for convenience.

No ongoing fees, no hidden charges and no hassle — just fast, transparent international transfers that can beat the banks.

Get started with Wise

*Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.

Top private islands available for ownership

---

1. Serenity Island

• Location: The Bahamas
• Cost: 13,750,000 USD²

Tucked into the Abaco islands of The Bahamas, Serenity Island spans 40 acres with white sand beaches. The island has a 3,200-square-foot coastal estate with four bedrooms, plus separate staff quarters.

You can enjoy world-class fishing and diving right offshore, and there are 3 nearby airports (2 private, 1 international).

2. Ilha Mirante

• Location: Brazil
• Cost: 9,500,000 USD³

An hour's helicopter ride from Rio de Janeiro sits Ilha Mirante, a 6.1-acre private island in Brazil's exclusive Angra dos Reis region.

There's a 7,000-square-foot villa built with Brazilian and Balinese hardwoods, plus 3 separate bungalows that can accommodate up to 8 guests total. Enjoy a private beach, swimming pool, hot tub and floor-to-ceiling windows.

3. Onaway Island

• Location: Canada
• Cost: 10,556,186.15 USD⁴

Onaway Island offers 2 acres of private Muskoka waterfront and a classic Canadian lodge-style cottage with 4 bedrooms and 1,320 feet of shoreline. There's also a three-slip boathouse with upper-level living space, extensive docks and even a helipad.

For outdoor enthusiasts, there's a bocce court, swimming coves and a walking trail that circles the island.

4. Motu Orama

• Location: French Polynesia
• Cost: Upon request

Motu Orama is a 9.5-acre private island in Rangiroa, about 200 miles from Tahiti. The island sits in a pristine lagoon famous for its turquoise waters and white sand beaches.

The island has existing structures, but they need full renovation.

5. Rangyai Island

• Location: Thailand
• Cost: 160,000,000 USD⁵

Rangyai Island is the largest private island currently for sale near Phuket, Thailand. The island comes partially equipped with basics like fresh water, a generator and mobile coverage.

This island is an opportunity for developers who want to tap into Thailand's luxury tourism market.

6. Pumpkin Key

• Location: Florida, United States
• Cost: 75,000,000 USD⁶

Pumpkin Key is a 26-acre private island in the Florida Keys with easy access to Miami's South Beach and Ocean Reef Club in Key Largo.

The island comes partially developed with electric and water connections, plus 12 ready-to-build waterfront lots. There are also tennis courts that double as a helipad.

7. Koome Island

• Location: Uganda
• Cost: 4,000,000 USD⁷

Koome Island sits in Lake Victoria, Africa's largest lake and a major tourist destination. The island has rich soil with fruit trees and hardwood forests and internal water features.

It could support resorts, fishing camps, agricultural projects or a combination of different ventures.

8. Little Round Caye

• Location: Belize
• Cost: 3,600,000 USD⁸

Little Round Caye has one of the country's longest concrete docks, topped with a wide dining area over the water. The island sits just 5 minutes from Belize's barrier reef, so it's a great location for fishing.

There's already a two-story house on the property (about 1,600 square feet) that needs finishing but offers ocean views in every direction.

9. Small Island in Bocas

• Location: Panama
• Cost: 49,900 USD⁹

Looking for something a little more affordable? This small private island in Panama's Bocas del Toro region is the perfect spot for an off-grid home.

It's about 318 square meters (3,400 square feet) of solid land, sitting 6 feet above sea level with a main buildable area of 70 by 30 feet.

10. Coconut Palm Bay

• Location: The Bahamas
• Cost: 9,995,000 USD¹⁰

Coconut Palm Bay is a 14-acre beachfront estate on Man-O-War Cay, a historic Bahamas island known for its boat builders.

The main house is 6,500 square feet with 3 bedrooms, plus wide porches offering ocean views. There's also a 2,200-square-foot guest house with 4 bedrooms near the private marina.

Buying a private island FAQs

---

Can you permanently buy an island?

Yes, you can permanently buy an island in most places in the world. Ownership structures vary by country, but you can typically get freehold ownership (complete ownership).

There are many islands for sale in the Caribbean, South Pacific and South America, but you can also buy private islands in the US.

Do you pay taxes if you own a private island?

Yes, private island owners typically pay property taxes. Rates depend on the country, and some island destinations offer tax advantages to attract investors. But you might also face additional taxes for development and import duties for construction materials.

What is the cheapest island to buy?

You can typically find the cheapest islands in remote locations or less developed regions.

When buying a private island, a "cheap" one usually means it's under 500,000 USD. But keep in mind that if you're buying an undeveloped island, you'll need to make significant investments in building the infrastructure.

How much is a private island in the Caribbean?

Private islands come in all shapes and sizes, so you can typically expect to spend anywhere from 500,000 USD to tens of millions of dollars. The most affordable options are usually smaller, undeveloped islands in less accessible areas.

How much does it cost to rent a private island?

There's no average for how much it costs to rent a private island. You can find private island rentals on Airbnb for as low as 150 USD per night. You can also rent luxurious island retreats. For example, Necker Island in the British Virgin Islands rents for 134,500 USD per night.¹¹

---

If you're been Googling, "How much is an island," now you have your answer. As expected, private islands are expensive and typically cost tens of millions of dollars.

But you can also find hidden, undeveloped gems for under 500,000 USD - and even as low as 50,000 USD - in some places.

If you’re ready to buy an island of your own, use Wise to send money to over 160 countries with low fees and no exchange rate markups. It's fast, simple and secure — even for large amounts.

Sources

1. IYC - The cost of owning a private island
2. Serenity Island
3. Ilha Mirante
4. Onaway Island
5. Motu Orama
6. Rangyai Island
7. Koome Island
8. Little Round Caye
9. Small Island in Bocas
10. Coconut Palm Bay
11. Forbes - 8 of the best private islands to rent in 2023

Sources checked 12.2.2024