In a real-estate play that seems almost like a Jonathan Swift satire from Gulliver’s Travels, a developer is planning to build a private island in the Caribbean as a tax-free haven for wealthy people “who aspire to live an extraordinary lifestyle filled with unprecedented service and bespoke experiences.”
Blue Estate is pitching the concept as a place where buyers can choose among properties going for anywhere from $20,000 to $1 billion on an island that will be about 1 km by 1.5 km in size, with two hotels as well. It’s not clear what sort of space is available at $20,000, but the promise is service like a “five-star hotel” and 340 days of sunshine a year.
The company says construction will start next year, and be finished by 2026, with the first properties becoming available in 2023. A glance at artists’ renderings of the site (above) leave an impression of a floating fortress, with no visible beaches. But it will have a “business friendly environment with zero taxes, minimal regulations and reporting obligations.” Blue Estate says that some areas are already almost sold out.
The island is to be anchored off the Bahamas, with a claim that it will be so stable that no one will realize it is floating—except, perhaps, when it is being moved to avoid hurricanes.
