Bermuda is one of a handful of special islands with an incomparable set of cultural, historical, and natural treasures. The oldest British colony, ringed by 75 miles of pink-sand beaches and coral reefs, the 20-square-mile island has succeeded in blending British tradition with a West Indian sense of relaxation.

Bermuda, with its Caribbean-like climate, has also devoted itself to providing guests with a taste of the good life. Eight championship golf courses, world-class spas and restaurants, and turquoise waters all help to make Bermuda a warm island refuge from a hectic life at home. Only 640 miles off the coast of North Carolina, it’s a short, direct flight from eastern cities ranging from Boston to Miami. One can leave home in the morning and be on the beach by early afternoon.

For years, fortunate visitors have enjoyed a slice of paradise offered by hotels like The Reefs in Southampton. Bermuda’s most beloved hotel, which opened in 1947, sits on a private, pink-sand beach and features amenities like La Serena spa, semiformal dining in Grill 56, and alfresco meals in Coconuts, at The Sand Bar, and even on the beach.

Guests have direct access to the pristine reefs that dot the gorgeous waters. The Reefs, a winner of multiple “world’s best hotel and resort” awards, has a guest list of devotees that now extends into its third generation.

Longtime guests have been inquiring about the possibility of actually adopting The Reefs’ informal-but-elegant lifestyle on a more permanent basis. But owning a piece of paradise has become more difficult and expensive in recent years.

In 2005, the Bermuda government further strengthened a law that restricts the types of real estate that foreigners can purchase, so that choices are limited and prices have climbed skyward. “Right now, there’s a limited supply of real estate in Bermuda, since locals are not able to sell property to non-Bermudians,” says Buddy Rego of Rego Sotheby’s International. “As of December, 12 houses starting at $4.8 million and 10 condos starting at $875,000 are the only properties available for non-Bermudians to purchase.”

But David Dodwell, a principal with The Reefs, devised a more financially advantageous solution. The Reefs Club, a high-end private residence club, is quite literally a once-in-a-lifetime opportunity to own a property on one of Bermuda’s most beautiful beaches for as little as $345,000. The member-owned club consists of 19 elegantly furnished two- and three-bedroom residences. Slated to open in spring of 2009, The Reefs Club will employ a proven fractional ownership model, in which 10 members share joint ownership of each residence. Because members actually own the property, the deeds can be sold, transferred, or willed at any time.

“The beauty of the program is that it costs a fraction of a condo or villa, but you still enjoy the benefits of ownership,” says Dodwell, who is president of the development company. “You are able to enjoy the property and are able to keep it in the family. But unlike sole ownership, you don’t have the usual year-round responsibilities. We take care of scheduling, housekeeping, and any other administrative duties. We just expect you to enjoy the luxury lifestyle.”

The luxury lifestyle includes an open window to the sea from the 2,143- to 2,556-square-foot residences. The residences have two master suites, a gourmet kitchen, a living room, a terrace with whirlpool, and sophisticated interiors by Vision Design of Dallas. A rooftop putting green, infinity-edge pool, club room and lounge, and prearrival grocery service are just several of the membership perks. Members also enjoy hotel privileges, including access to the private beach and entrée to the new restaurant and lounge that are opening this summer, as well as the elite concierge service.

Reefs Club members also enjoy unique privileges like being able to stay at The Reefs Club as often as scheduling allows, rather than during a fixed time slot. Unlike time-sharing, members are not restricted to specific weeks or residences, and they can reserve a vacation far in advance as well as on a space-available or short-notice basis. The Reefs Club’s liberal guest privilege policy even allows members access to multiple residences if they are available.

Through the Elite Alliance, owners also have the option of staying at other residence club properties, including The Residence Club at PGA West in California, Club Quinta Real in Mexico, The Villas at Seven Canyons in Sedona, and Tucker’s Point, also in Bermuda.

Those vacationing in Bermuda in 2008 who decide to purchase at The Reefs Club can take advantage of a fantastic ownership offer. The Club will reimburse buyers up to $5,000 toward the cost of this year’s vacation. The offer is being extended to all buyers regardless of where they stay on the island, and reimbursement will be made at closing.

Given the extensive membership privileges and the exclusive location of The Reefs Club, it is a membership well worth exploring, before the opportunity vanishes.