By KAREN DEMASTERS From Financial Advisor

Wealthy Americans are being lured away from places like Miami and the Hamptons to invest in real estate and live in the Caribbean, says Nuri Katz, president of Apex Capital Partners.

Several factors are creating this trend, including the weakening of the dollar that has occurred since the election, says the head of Apex, an international advisory firm specializing in investment consulting and wealth management for multi-national, high-net-worth clients.

“The dollar has gone down 15 percent since Donald Trump took office, and wealthy people are looking for ways to diversify. Buying land or an estate in the Caribbean is a way to accomplish that,” he says.

The United States also has a massive debt that has to be paid off at some point, which makes foreign assets even more attractive, Katz adds.

“Diversifying assets by buying real estate in other countries, such as the Caribbean, is becoming more attractive,” especially for retirees, he says. More than 652,000 people are now receiving Social Security payments overseas, Apex says, and many of these people are living in places like Dominica and St. Kits or in Central America.

“There is no reason to keep all of your eggs in one basket when there is the whole world to diversify to,” Katz says. “The Trump administration wants to spend crazy amounts of money on infrastructure while cutting taxes, making many people fear what will happen to the economy. Taking money off the table here and investing in real estate elsewhere is a good way to protect assets.”

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IMAGE: Caribbean Luxury Real Estate Navassa Island