A former tech executive opened a Bali-style private island resort in Panama with a man-made beach because there wasn't one

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If you've dreamed of a luxurious vacation in an overwater villa but you don't want to take the long flight to destinations like the Maldives or Bora Bora, you're not alone.

The luxury travel market is making a fast comeback, and wealthy travelers around the world are now flocking to Bocas Bali, a resort with the spirit of Bali, Indonesia nestled off the coast of Panama.

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Bocas Bali is a tropical adults-only getaway on an island in the Caribbean Sea complete with a beach on stilts, overwater villas, and kayaking trips through the mangroves.

Panama isn't the typical go-to destination for tourists looking for the "Bali experience," but the decision to build a Balinese-style resort in a Central American country was strategic, Dan Behm, a former tech executive turned luxury hotelier, told Insider.

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Behm wanted to find a location within the same time zone as the US, which narrowed down most of his options to Central America.

He ultimately landed on Panama — specifically Frangipani Island — because of its safety, acceptance of the US dollar, political stability, and "the fact that it was somewhat untouched from a tourism and hospitality standpoint," Behm said.

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All of these factors pushed Behm to purchase the island sight unseen, an investment that's since paid off.

Traveling from the US to Bocas Bali involves a three-hour flight from Miami to Panama, an additional hour flight from Panama City to Bocas Del Toro, and a 15-minute boat ride from the town to the resort.

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This may seem tedious, but it's still faster than flying across the world to other overwater villa resorts in locations like the Maldives.

The island's geography and tide also allowed the team to build overwater structures without doing too much damage to the environment, which was a priority for the resort.

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And it operates completely off-grid using solar power, rainwater, and an environmentally friendly wastewater system, perfect for any ecotourist with an eye for luxury.

Bocas Bali, situated on the coast of the private island, has all the amenities of a typical tropical getaway you've probably seen on Instagram …

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… including 16 overwater villas …

… open aired restaurants …

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… lush walkways …

… and infinity pools …

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… bringing the luxury Bali and Bora Bora-like travel experience to a resort much closer to the US.

Several of the resort's features — including one of the restaurant's structures and the overwater villas — were constructed in Bali and later shipped to the Panamanian resort.

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Constructing overwater structures on a private island with as minimal invasion to the land as possible has come with its challenges, pushing the cost of construction up eight times Behm's original projections.

Bocas Bali first began welcoming guests in September 2021, but it's still continuing to expand.

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The resort's crème de la crème — a one-of-a-kind beach on stilts — is the most recent addition to the growing property.

It's the world's first beach elevated above water, according to the resort, bringing white sand to an island full of mangroves.

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The 90-foot-long, 20-foot-wide man made beach has its own palm trees, lounge chairs …

… a bar, and stairs that bring visitors right into the water.

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"The guests that I've talked to say they liked it better than a regular beach," Behm said. "The water is always warm and it's crystal clear."

The resort also has plans to build botanical gardens …

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… and 40-foot-tall treehouse villas, which will be available this summer starting at $850.

This project is a long time coming: Each treehouse takes anywhere between seven to 9 months to construct.

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The goal is to stop building when Bocas Bali reaches 40 units so as to not "lose its intimacy," Behm said.

But its existing 1,100-square-foot overwater villas are already plenty luxurious.

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Each villa comes with views of the ocean, a terrace, a deck, and either a private pool or a glass floor with views of the water.

And this luxury won't be cheap.

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Rates for the villa with the glass floor starts at $900 for off-season stays.

This price then jumps to $1,770 for peak season stays in the villa with a private pool, boat, and captain.

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These prices may be high, but the overwater villas and their accessible location (relative to the US) has been drawing in guests since day one.

When Bocas Bali first began welcoming guests, it started seeing bookings from around the world, hitting over 50% occupancy as it was opening.

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"We weren't even staffed up for that yet," Behm said.

And so far, bookings have been "way better" than the team initially anticipated, according to Behm.

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"We don't understand how people are finding out about us so much," Behm said. "It's been a really pleasant surprise."

Since its opening, Bocas Bali has seen guests from 31 countries. But over 50% of its guests are from the US and about 20% are from Panama.

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"When [guests] leave, we want them to cry because they don't wanna leave," Behm said. "We've had that happen many, many times."