State of Florida is a popular island-buying place with its $20,000 homestead exemption on taxes and great weather.

But you may buy land in foreign countries. It can be risky but if you follow the rules, choose wisely and get good legal representation, you can pull it off. You may find hundreds of islands for sale around the world with a good selection within flying distance from Florida. To the South of Florida there are islands for sale in Nicaragua, Honduras, Belize, the Bahama, Grenada and the British Virgin Islands. If you want a dramatic change in weather, there are islands for sale in upstate New York, Canada, Maine, Tennessee, New Jersey, Michigan, and other states. And if distance plays no role, you can buy an island in the Pacific Ocean, England, Scotland, Greece, Sweden, and other countries.

Rent an Island

Are you sure you are an island kind of person? Buying an island is a big investment and you don't want to land on the beach only to find out you prefer the big city life and dining out in restaurants. To find that out simply rent an island and try out island living before you lay down your money. Some of the brokers can arrange rentals from under-$100 a day to $1,000 a day and up. Luxury islands are rented out with houses, use of a boat, fresh water and everything you need to enjoy yourself and live in luxury. Basic islands are rented out with nothing but trees and sands, so plan on bringing along a sleeping bag, tent, food and water. After spending a few days on island you will make up your mind whether to buy the island or leave the idea.