The Scottish government has proposed offering a £50,000 incentive for anyone who is willing to stay on, or move to the islands.
The plans, aimed at young people and families, will see the Islands Bond, part of the government's National Islands Plan, tackle depopulation which is said to be a longstanding problem.
Scottish rural and island communities have been among the worst hit by depopulation, according to a recent report.
The government intends to launch the Islands Bond next year, with 100 bonds offered at a cost of £5million.
Kevin Morrison, who moved to South Uist in the Western Isles from Glasgow five years ago said the money would have helped him and his family secure a home.
The community sports hub officer told the BBC Radio's Good Morning Scotland: "My wife is originally from South Uist and we were talking about having a family."
The couple discussed moving and soon gave up their full-times jobs. This meant Mr Morrison had to take a part-time job on the island but says that they "took the plunge and haven't regretted it."
When discussing buying a new home, he said that the hunt was "challenging" and that they only managed to get a property through "some luck" and buying privately.
Speaking about the money incentive, Mr Morrison said that it would have "definitely been handy at the time. The main issues for island communities are around transport to and from the islands, and housing."
Iain Stephen Morrison, editor of Western Isles news and information service Am Pàipear, said the money could be put to better use such improving infrastructure, transport or creating jobs and making more land available for affordable housing.
He told the BBC: "I think I understand the thinking behind the idea, but in truth I don't particularly like the idea. I think it is going to have a pretty limited impact.
"Scotland has more than 90 inhabited islands and there are communities spread across areas including the Western Isles, Highlands, Orkney, Shetland, Argyll and Bute.
"There are a lot of islands in Scotland. There is going to be competition for this across the islands so we have to keep the amount in perspective.
"There is no shortage of demand from people to move to the islands. What is lacking is opportunity - whether that is housing or jobs."
Islands Secretary Mairi Gougeon said the bonds will help the government to deliver on some of its National Islands Plan commitments.
She added: "It's a way for us to address some of the key financial barriers for people who want to live on our islands.
"I'd encourage people across Scotland, especially those on our islands, to provide a response to this consultation and make sure their voices are heard to help shape the bond."
A consultation on how the plan will be implemented will run until October 24.
