Coffee Caye: Investors buy the Caribbean island to start their own country

The investors were not just buying into a share of this Belizean property, but were also investing in a national-building project as Coffee Caye is being reimaged as the ‘Principality of Islandia’, complete with its own national flag, anthem and government, CNN reported.

Additionally, it is now the world’s newest micronation. For the unversed, a micronation is a small area or entity that claims independence but isn’t recognised as such by other sovereign states.

103 people have invested in the island and 350 people have registered themselves as citizens. (Source: letsbuyanisland.com)

According to the official website, a person can become an investor by paying $5495. So far, 103 people have invested in the island and 350 people have registered themselves as citizens. Currently, the group is aiming for 5,000 registered citizens who will get “great insider deals as receive either a digital or physical membership card”.

“By becoming an investor, you will not only become an owner of a tropical island but be part of the decision making process as we build up our island into a profit-making enterprise,” the website stated.

The idea of crowdfunding an island emerged almost 15 years ago, when Gareth Johnson, CEO and co-founder of the project, bought the domain name letsbuyanisland.com. He thought it would be fun to buy an island and start a micronation. Later, when an island in the Philippines came up for sale in 2018, Johnson’s idea once again reignited and he put the plan into action.

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