The Colombian singer - who is currently dating Barcelona soccer star Gerard Pique - has joined forces with the musician to purchase the $16 million site of Bonds Cay, north of the Bahamas, in order to build a resort which will cater for Millionaire holidaymakers.
Shakira, 34, and Roger, 68, are reportedly hoping to "reinvent the concept of tourism" by building both a set of luxury holiday homes which will also include private beaches and a number of hotels with plans to sell prime seaside property on the island.
Bonds Cay has five beaches and three bays, along with a number of waterfalls and Shakira and Roger have also made plans to build an artists' retreat which will house a series of artists-in-residence, galleries populated with up-and-comers' works and a programme offering semester-long sabbaticals.
Arturo Rubinstein, a Miami-based investor involved in the project, said: "It's not about having 200 speedboats and an 18-hole golf course. I would say it is an explosion of the senses. It's a concept more related to art and culture."
Shakira's former boyfriend Antonio De La Rua and New York City financial services firm Guggenheim Capital were also involved in the purchase when it was first proposed in 2006 but it is unclear if this is still the case.
John Christie, vice president of Caribbean real estate brokerage H.G. Christie told Bahamas4u.com: "It's a beautiful island. It's got some height to it, which means as you build up, you get better views. There is the ocean to the east of it so you've got reefs and views of turquoise water. On the other side of the island is limey, light turquoise water because it is shallow. It's a great fishing area."