See 4 private islands for sale in the Bahamas, where the ultra-wealthy are taking remote work to the extreme

Crown Pigeon Island, Bahamas — Damianos Sotheby’s International Realty

Demand for private islands shot up during the pandemic — taking "remote" work to the next level.
Only an hour flight from Miami, wealthy buyers have flocked to the Bahamas for a slice of paradise.
But climate change is making some clients wary, the CEO of Private Islands Inc. told Insider.

The Bahamas is a popular destination among the ultra-wealthy looking to purchase a private island, partially thanks to the country's friendly tax-friendly laws for foreign investors.

Private islands for sale in the Bahamas — Sotheby's International Realty

Plus, islands in the Bahamas are much larger compared to ocean islands in other parts of the world, Chris Krolow, the CEO of Private Islands Inc., told Insider.

Exuma is a district of the Bahamas consisting of over 365 islands, also called cays.
thierrydehove.com/Getty Images

"You have a lot of very, very wealthy people from Billionaires' Row that are living in the Bahamas," he said. "They buy an island for $20 million and they could easily invest another $70 million into it and have their own runway."

Tyler Perry in a gery jacket and black turtleneck — Tyler Perry, Johnny Depp, Bernard Arnault, and Tim McGraw all reportedly own islands in the Bahamas' Exuma Cay chain.
Theo Wargo/WireImage/Getty

Source: Daily Mail

He described the recent surge in private island demand as an "extreme example" of how remote work allowed people to ditch cities for the suburbs or elsewhere during the pandemic.

Only a handful of private islands in the Bahamas are currently on the market. Hummingbird Cay, pictured below, is currently listed for $35 million.

Hummingbird Cay island, Bahamas — Hummingbird Cay
Damianos Sotheby’s International Realty

The 175-acre island has a main house, three guest houses, staff accommodations, a private boat harbor, and a solar energy system.

Hummingbird Cay is five miles away from the Great Exuma mainland and is advertised as being "perfect for a family retreat or a boutique resort."

The property has been on the market for at least two years, records show.

Listings in this price range are "usually staying on the market for a reason," Krolow said. "A $15 million Island could easily be an extra $100 million in development costs."

"Islands are a lot more expensive," he explained. "Just building on an island, maintaining an island, even housekeeping is a lot more expensive."

One of the Bahamas' many foreign investment incentives is the "Family Island Development Encouragement Act," which provides duty concessions on building materials imported for the development of select islands.

Leaf Cay, an island currently listed at $22.9 million, is one example of an island that would likely entail additional development.

Leaf Cay, Bahamas
Damianos Sotheby’s International Realty

The 15-acre island has 19 buildings (including multiple homes), a dock, storage areas, roads, underground utilities, and construction equipment.

Leaf Cay has three white sand beaches and is 2 miles away from Staniel Cay, an island with a public runway used by commercial flights from both Florida and Nassau.

Electricity on the island is provided through an "insulated, underwater cable" connecting Leaf Cay to the Bahamas Electric Company's main power grid, the listing says.

Islands that were once "uninhabitable" are now on the market thanks to technological advances like SpaceX's Starlink internet and cheaper desalination systems, Krolow said.

"Crown Pigeon," an 11-acre property going for a steep $44.5 million, is the second-most expensive of the four listings.

The luxurious retreat can accommodate up to 30 guests at a time with three villas, five cottages, and two infinity pools.

There are three natural beaches on the island, as well as an existing beach club, bar, and water sports facility.

Crown Pigeon's private harbor is home to a sea turtle sanctuary and has the infrastructure and equipment of a fully functioning marina, according to the listing.

At $50 million, "Bird Cay and Cat Cay" is the most expensive of the four listings

Bird Cay and Cat Cay, Bahamas — Damianos Sotheby’s International Realty

The 230-acre property has 12 cottages, an owners house, 2 warehouses, a solar field, a desalination plant, and a deep water boat ramp currently under development.

Bird Cay & Cat Cay Islands, Bahamas — Courtesy of Sotheby's International Realty (TK REALTOR)

A 1.5-megawatt-hour solar power system and a 10-megawatt-hour energy storage system were recently installed, an update that cost more than $15 million per the listing.

Bird Cay & Cat Kay solar panels — Damianos Sotheby’s International Realty

Together, the two islands could be turned into a "business retreat, a family compound, or a stunning island resort," the listing says.

While the Bahamas is a hot market for private islands, potential buyers are also wary of the risks associated with rising sea levels and hurricanes, Krolow told Insider, adding that "an island can either be a slice of heaven or a slice of hell."

Aerial view of damage after Hurricane Dorian passed through on September 5, 2019 in Great Abaco Island, Bahamas.
Jose Jimenez/Getty Images

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source https://www.businessinsider.com/photos-private-islands-for-sale-in-the-bahamas-50-million-2022-9

See 4 private islands for sale in the Bahamas, where the ultra-wealthy are taking remote work to the extreme

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