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How to Rent Out an Island

Private islands aren't only for the rich and famous. They can be perfect venues for destination weddings, family reunions and business retreats.  

For anyone who has ever wondered how to rent an island for international travel, here are some tips for finding the perfect escape.

Look Online 

Potential private island renters should go online and get a feel for different regions, says Chris Krolow, chief executive of Private Islands Inc., a Toronto-based firm that markets and sells private islands, and publishes Private Islands magazine. To help narrow the search, start by going online to their website, Private Islands Online, which showcases island rentals from less than $500 U.S. dollars (USD) a night to more than $20,000 USD per night.

Potential private island renters should go online and get a feel for different regions.

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Decide Where to Go

From Fiji to the Maldives, there are plenty of places to choose from for luxury travel. One of the more popular vacation locations is the Caribbean, which boasts many high-end island rentals like Musha Cay, a private island in the Bahamas owned by magician David Copperfield, which has five properties starting at rates of $37,500 per day for up to 12 people with a four-night minimum.

At Little Thatch Island in the British Virgin Islands, a couple looking for a romantic getaway can rent a beachfront Seagrape Cottage starting at $6,400 USD per week during the low season, with rates varying throughout the year.

How Much Privacy and Service Is Enough?

Next, decide on the type of service and privacy. There are shared private islands such as Peter Island Resort & Spa, an 1,800-acre island in the British Virgin Islands that offers a high-end resort experience with multiple villas and full-service amenities like housekeeping, tennis courts and a spa. Here, renters are more likely to see other guests.

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Other shared islands - like Namale Island, a private island in Fiji, which has 19 villas spread out over 500 acres of rainforest and beach - can feel very private since international travel guests may never see each other. 

Then there are the "truly private islands," says Steve Lassman, vice president and general manager at Villas of Distinction, a luxury travel consultant in Wilmington, Mass., which specializes in island rentals, such as Calivigny Island in Grenada, which rents exclusively to private parties. Another option is Sir Richard Branson's Necker Island in the British Virgin Islands, which can be rented out exclusively and accommodates up to 28 guests.

Understand What Is Included

Amenities included in a rental price can vary depending on the island. At most of the larger private islands, the cost of service and food is typically included, Lassman says. On the smaller islands it's especially important for renters to ask questions, such as what's included in the price and what amenities are available. For more rustic islands, be sure to ask whether there's running water, electricity or Internet access.

When an individual finds the perfect private island, he or she can send online money transfers for international payments with the help of a trusted online foreign exchange service. If someone lives an active lifestyle with a hectic schedule, they don't need to waste time arranging foreign exchange payments during traditional banking hours. With 24/7 online account access and customer service, online FX services make it possible to execute a transaction any time day or night. 

Live Cross Rates

USD 69.3440 1.3139 0.7857 53.2670 1.0000 0.8780
CAD 52.7470 1.0000 0.5978 40.5230 0.7604 0.6680
AUD 50.4280 0.9555 0.5715 38.7410 0.7268 0.6386
EUR 78.9250 1.4956 0.8945 60.6340 1.1377 1.0000
GBP 88.1960 1.6713 1.0000 67.7560 1.2713 1.1169

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