Jay-Z is apparently planning on splashing out a cool $2 million on a private island in North Abaco, Bahamas so that he and his wife Beyonce can spend some private family time with their daughter Blue Ivy.

An insider told The Sun newspaper: "Jay's been looking for a private island for the family.

"He's getting it partly to mark their fifth wedding anniversary but also, with Bey back in the spotlight, it's getting impossible for them to do normal things such as go to the beach with Blue.

"A private island means they'll be able to have quality time with minimum staff and security. He wants to turn it into his own Necker Island like Richard Branson.''

The pair recently caused controversy after visiting Cuba which they are supposedly unable to do as there is an embargo in place which bans Americans from visiting the country.

However, it was later revealed that the visit was approved by Government officials who classed it as a cultural visit.

The trip was arranged in order for the pair to celebrate their fifth wedding anniversary.

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