You can get the parts from BMW, I just looked at what the prices were for a replacement 'piston' assembly for my '84 LS, and looks like around $60, for the rectangular reservoir master cylinder .
I was asking around our ground vehicle maintenance shop here at work, and I was told that NAPA, and Car Quest have 'cup' seal replacements available, so you may not need to replace the 'piston' assembly .
I would remove the master cylinder, and open it up, I wouldn't be too surprised if you find corrosion and pitting in the cylinder bore, due to your tropical/salt air environment there in 'paradise' .