Margarita Island is a great little island off of Caracas which is owned by Venezuela.  It is lesser known than the A, B, C islands except by the Germans who vacation there often.  It is a nice little island comparable in size to Cayman with some nice resorts and great golf courses.  Two of my favorite hotels are the Hesperia Isla Margarita and Playa El Agua.  Isla is more secluded with fantastic views of the Sea/Ocean, private beach and its own great golf course.  The Playa is nice and seems to have more options and distractions.  Make sure you enjoy a glass of the local rum after your round on the links or day at the beach!