Blue Sky Estate floating island photos: Giant floating island offers tax-free, 'five star' haven to wealthy

Take a look at the designs for the island in the photo gallery above.

Demand for private islands has soared during the global pandemic, as the super-rich look for places they can hole up and avoid COVID-19.

The New York Times reports that private island sellers around the Caribbean have never been busier.

But what happens when there are no more islands left to sell?

One development group has the solution: Blue Sky Estate, a giant, floating island that will be anchored off the Bahamas.

"The Blue Estate is the premier destination for those who aspire to live an extraordinary lifestyle filled with unprecedented service and bespoke experiences," reads the press release.

Properties on the proposed 1000-by-1500-metre island start from $US19,800 ($A25,400) and go as high as $US1 billion ($A1.285 billion). There will also be two hotels on the island.

Up to 15,000 residents will enjoy "five-star hotel" level service and 340 days of sunshine a year.

Construction is due to begin in 2022 and take four years to complete, though Blue Estate Group claims some properties will be ready in 2023.

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While it might seem like a fantasy, Blue Estate Group told CNN Travel that interest had surged during the pandemic and that some districts were already close to selling out.

The company says there will be a school, health clinic, restaurants, bars, pools, markets and more on the island.

It will be built with "ultra-high performance concrete modules", with 50-metre high walls to protect it from ocean waves. It's claimed the island will be more stable than even the largest cruise ships. "Nobody will be able to detect even the tiniest movement," Blue Estate's website claims, while also stating that the island can be moved in the event of hurricanes.

Blue Estate Group's chief communications officer, Erik Schmidt, told CNN Travel that interested parties were concerned about lifestyle and business restrictions in their own countries due to the pandemic.

The property's fact sheet says the island will have a "business friendly environment with zero taxes, minimal regulations and reporting obligations".

Residents must be able to prove they can be "self-sustaining" while living on the island.

It all sounds a lot like Atlas Shrugged, the 1957 Ayn Rand novel that put forth her philosophy of Objectivism (which puts individual rights above all else), where a group of wealthy and successful people create their own independent community and economy after they become frustrated with government regulation.

Will Blue Estate actually become a reality? That deserves a shrug too.

See also: Entire Fiji island resort available for 'isolation in paradise'

See also: Wish you were here? You can now have an entire luxury camp to yourself

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