In a nutshell, the delusion
of a megalomanical Robert A. Heinlein
The plan is to build artificial islands on pillars erected on reefs in the Carribean, proclaim this an independant tax free country, ostensibly founded on libertarian ideals.
Sounds like an interesting idea at first - until you learn who's behind it. The person in question used to be known as Howard Turney, but some time ago he got his name changed to Lazarus Long. Better yet, he wants to be adressed as "Prince Lazarus", for behind the outward claims the country would be a monarchy under his reign. But that's OK, because he's the main character in this Heinlein novel called Reality, and Heinlein's main characters never fail or abuse their power, right?
Well, even if the guy behind it weren't an obvious nutcase, there are some other serious doubts that should prevent sensible people from wasting time and money on this project, such as the little oversight that "Prince Lazarus" made when he chose the site for the project. Turns out it's not in international waters (but belongs to Honduras instead) because the UNCLOS measures distance in nautical miles, which are longer than statute miles. Oops. Then there's the question of whether the planned buildings will be able to withstand the forces of nature for long - the Carribean is frequently swept by hurricanes, after all.
Finally, there's the strong suspicion that it's all just a fancy Ponzi scheme aimed at getting you to pay the $1500 fee for becoming a citizen of a country that may never exist.