These investors bought an island to start a 'country'

Coffee Caye, a quaint island off the coast of Belize. (Image credit: Instagram/letsbuyanisland)

A quaint island off the coast of central American country Belize is privately-owned by a group of investors and travelers.

A crowdfunding campaign, called “Let’s Buy an Island”, helped raise $250,000, to acquire the island in 2019.

The project is not just a travel initiative but an experiment to create a micronation. For, $3,250 you can buy a share of the island and also participate in a “nation-building process”, CNN reported.

“Let’s Buy and Island” has been founded by Gareth Johnson, an online entrepreneur, and Marshall Mayer, a global finance and commerce professional.

Their crowdfunded island, Coffee Caye, presently has 96 investors. The founders envision Coffee Caye as a micronation called "Principality of Islandia”, which does not yet have international recognition.

Anyone can sign up to be a “citizen” of Islandia by making a donation to the project.  “Let’s Buy an Island” is aiming to register 5,000 citizens.

The “Prinicipality of Islandia” also has “ministers”, appointed from among the island’s shareholders.

Shareholders, in turn, have voted for a provisional head of government in Islandia.

Principality of Islandia will also issue novelty passports, CNN reported. Titles of the island’s “lord” and “lady” are also up for sale.

Presently, Mayer, one of the founders of project, is conducting an inaugural tour of Coffee Caye. "That feeling of stepping onto an island that you've invested in, and own,t hat's an amazing feeling,” he told CNN.

Mayer’s idea is to convert shipping containers on the island into boutique accommodations and start snorkelling and kayaking at the destination.

The official website of "Lets Buy an Island" says they aim to set up a  "socially responsible, eco-friendly, self-sustaining island property where  travelers can enjoy the "solitude of nature".