Buy an island to establish your own country

“Who wouldn’t want to be able to afford an island?” said Marshall Mayer, co-founder of the crowdfunding project Let’s Buy an Island, as his boat sailed across the waters of the Caribbean nation of Belize.

Mayer's project was launched in 2018 and by December 2019 had raised more than $250,000, according to CNN.

Coffee Caye from afar

A shortlist of islands in the Philippines, Malaysia, Ireland, Panama and Belize was drawn up after research. Investors selected Coffee Caye - an uninhabited island off the coast of Belize, measuring about 4,800 square metres - for its accessibility and affordability.

Coffee Caye was purchased for $180,000 plus taxes. The sale was completed in December 2019, just before the pandemic put a halt to any further plans.

Buy an island to establish your own country

There, investors built their own country called “Principality of Islandia”, with its own flag, national anthem and government elected by investors. This is called a “micronation” - an entity that declares independence but is not recognized by the international community.

By early 2022, Mayer will begin giving the first tours of Coffee Caye to investors and tourists. It takes just over 10 minutes to walk from one end of the island to the other.

One side of the island, where there is a clearing overlooking the beach, is used as an overnight campsite. The other half of Coffee Caye is densely covered in scrub and surrounded by mangroves.

Investors and tourists who set foot in the "micro-nation" of Islandia can easily obtain citizenship.

So far, the project owner has sold nearly 100 shares, and each share in this island costs $3,250.

Crowdfunding an island might sound a little strange, but micronationalism has become a draw for travel-savvy investors.

In the past, the principality of Sealand located off the coast of England, declared an independent nation by its new owners in 1967, was a famous example of a micronation. It became the direct inspiration for the principality of Islandia.

Another is the Republic of Uzupis, a neighborhood in Vilnius, Lithuania, which has its own constitution and has also declared independence.

“A lot of people have dreams of creating their own country, especially in a post-Trump, post-Brexit, post-Covid-19 world. If a group of ordinary people can do it, that would be a good sign,” Mayer said.

Investors and visitors to Coffee Caye automatically become citizens of Islandia and are issued new passports. Those who want it can easily buy citizenship or titles such as lord or lady for a small fee.

The island is located off the coast of the Caribbean and has a modest area.

The worry of "keeping the island above water"

Investors come from 25 different countries, with professions ranging from train conductors to CEOs.

“Why would I pass up this investment opportunity? I can tell my friends I own an island,” said investor Stephen Rice.

Rice was involved in the project from the beginning. He said the project would not make him rich, but the cost of the shares would not bankrupt him either.

For Rice, investing is mainly about fun and fulfilling a dream of owning or co-owning an island.

Investors like Rice can visit the island at a low cost and they will also receive a percentage of any profits that may be made in the future or if the island is sold.

The immediate plan is to regenerate the surrounding reef, develop a luxury campsite and install shipping containers as basic accommodation.

The developers intend to turn the island into a tourist destination that attracts both tourists and locals from the surrounding areas, with restaurants, bars, kayaks and diving services.

Group of investors, tourists on first tour to Coffee Caye

However, nation building has many challenges.

Mayer admitted that on a previous survey trip to the island, they had left behind a flag and an Islandia passport stamp. Both later disappeared, throwing into disarray plans for a flag-raising ceremony.

While it is allowed to set its own rules, such as no single-use plastics on the island, Coffee Caye is still subject to the laws and borders of Belize.

Potential investors still have questions to ask about risks, including concerns about storms and rising sea levels affecting the island.

Velvet Dallesandro, who joined the tour after being intrigued by the initial offer, ultimately decided not to put any money down.

“Micronation is a novel idea but with climate change it will be a constant battle to keep the island above water,” she said.

Oscar D. Romero, a Belize real estate agent who introduced Coffee Caye to the Let's Buy an Island group, said investors need to "balance the environment and economic growth."

Romero explained that they would need environmental permits and government approval for any development, including the conservation of mangroves and coral reefs.

According to Zing