We'll start with a bargain: $30,000 will buy you all 0.74 acres of this island in Panama's Lake Gatun, one of the largest man-made lakes in the world and a major part of the Panama Canal. There used to be a house on the land, but now all that is left is the septic tank and toilet. Oh and plenty of tropical gorgeousness with monkeys, parrots, toucans and tapirs as your neighbors. Isla Gatun is also minutes from a small marina with restaurants and cell phone reception and only a 40-minute drive from Panama City. The island also has some amazing game fishing for the non-native and notoriously ornery Peacock Bass. Now for the downsides: Yes, huge ships will occasionally travel past your island as they take this shortcut from the Pacific to the Atlantic. Also, during the dry season there is a shortage of water in Gatun Lake, as it is drained every time the lock is opened, but environmental measures are being enacted to diminish water loss. The island is also not titled (like 95% of Panamanian islands), which means you'd be buying a Right of Possession, which is not as secure as buying a titled island. But for the price ... French River Georgian Bay Island, Ontario: $485,890
Located in an area famous for its trophy walleye, bass, muskie and northern pike game fishing, the island is equipped with two cottages. One has hot and cold running water and plenty of living space. The second, bigger cottage still needs some work, but it has solar panels, a wood stove and plenty of rustic charm -- all for $485,890. Ice Age glaciers sculpted this dramatic landscape out of pink granite cliffs, creating the French River Delta's thousands of islands opening to the Georgian Bay. The island is about four hours north of Toronto. American citizens are free to own property in Canada provided they have a permanent U.S. residence where they spend at least six months of the year.