Californians Snapping Up New Zealand's Golden Visa
In the upcoming weeks, an experienced polar explorer will guide eight affluent individuals on an exclusive expedition to New Zealand's breathtaking Southern Alps. This journey serves as a "reward" for those who have chosen to reside in the country by investing in a "golden visa." Organized by the Mountain Club, a private members' club instrumental in welcoming new citizens, the two-day event explores how New Zealand can benefit from these newcomers. "How do I make the person who spent NZ$5 million [$2.9 million] want to invest NZ$500 million?" remarked Peter Fullerton-Smith, the club's CEO. Over the past 14 months, more than 700 wealthy foreigners have applied for New Zealand citizenship under this program, a significant rise from the 115 applicants in the preceding three years, following relaxed rules on property purchases, investments, and residency requirements. Applicants must invest a minimum of NZ$5 million in local funds, companies, or charities within three years.
An additional 127 individuals have applied for a different scheme requiring a NZ$10 million investment over five years in passive assets like bonds. The increasing interest in obtaining the right to live, work, and study indefinitely in New Zealand coincides with global geopolitical uncertainties, enhancing the appeal of the country's safety and remoteness. Several countries, including Portugal and the US, offer priority immigration in exchange for investment or cash, with varied success. Ireland, Malta, and Australia discontinued their schemes due to low uptake or concerns about misuse. In New Zealand, Prime Minister Christopher Luxon hopes the visas will attract more foreign investment and counter a "brain drain" that threatens the nation's growth. While many aspire to move to New Zealand, young people often leave in search of economic opportunities.
According to Luxon, New Zealand start-ups have already benefited. "While others are tightening their policies, we've opened ours, greatly benefiting from the influx of capital and expertise into our start-ups," he stated. For many in New Zealand politics, the ideal model is American billionaire and hedge fund founder Julian Robertson, who lived in the country in the 1970s and later developed its profitable luxury golf courses. Advocates suggest "golden visa" holders could similarly enhance New Zealand with their wealth and expertise. Since April 2025, following a scheme overhaul, applicants from North America, Europe, and Asia have committed NZ$4.8 billion at NZ$5 million or NZ$10 million each, compared to NZ$14.8 billion in foreign investment during the first quarter of this year.
Julian Robertson exemplifies the type of wealthy foreign investor New Zealand's visa scheme aims to attract. "It's becoming a status symbol in Silicon Valley," said Lachlan Nixon, founding partner of venture capital firm Motion Capital. Data shows Americans account for 277 applications, with Californians particularly eager for a New Zealand passport. "There's a significant influx of money, but the quality of these investors is crucial," Nixon noted, adding that he secured 40 percent of a recent NZ$27 million fundraising for high-growth New Zealand companies from 30 "golden visa" holders. Beneficiaries include critical minerals company Zethos, which appointed European steel veteran Francesc Rubiralta to its board, according to Luxon. Others under the scheme are supporting seed oil protein business Miruku and magnesium miner Aspiring Materials, Nixon stated. New Zealand is no longer a "backwater" for high-growth investors in the US, said Sir Peter Beck, founder of Rocket Lab, a SpaceX competitor, arguing the NZ$5 million threshold is too low. "The country is underselling itself," he remarked.
In Queenstown, a favored location for many applicants, locals refer to billionaires—such as software tycoon Peter Thiel and Anthony Malkin, who manages the trust owning New York's Empire State Building—as "sleepers in the hills." Most prefer to keep a low profile. Thiel's citizenship was inadvertently disclosed during a parliamentary debate, while Malkin's presence became known when his New Year's Eve fireworks sparked grass fires. Their arrival has contributed to Queenstown becoming New Zealand's priciest property market, with a median price of NZ$1.8 million, double the national average, according to Cotality. The visa scheme stipulates they can only purchase properties worth over NZ$5 million to prevent market distortion. Jo Eddington, a property agent, spent three weeks in June engaging with potential applicants in San Diego and Beverly Hills. Many had already visited Queenstown, unsurprising given the number of private jets at the local airport. "There are many billionaires here. They just wear gumboots," she said, referring to the laid-back lifestyle appealing to many applicants. Queenstown, with a population of approximately 50,000 and hosting millions of tourists annually, boasts one of only two Louis Vuitton stores in New Zealand. The NZ$200 million luxurious food and wine hub Ayrburn opened in 2023. Authorities plan to build a NZ$250 million cable car "gondola" to link the airport with nearby hubs to ease traffic congestion. Queenstown's growth has been "relentless" over the past 20 years, said Sharon Fifield, CEO of Queenstown Business. There is skepticism about the benefits. People should be "properly invested" in the country and not seek special treatment for a "tiny amount of money" in a venture capital fund, said Sam Stubbs, managing director of pension fund Simplicity. "Paradise has a price, the same price the rest of us pay," he commented. Some applicants themselves express criticism. Courtney Andelman, who runs a venture capital fund with her husband Jim in Santa Barbara, successfully applied for a visa last year and visits frequently. "There’s something magical in the air and the water. It’s a really healthy place to be," she said. However, there are complaints. Andelman expressed a desire to settle in a smaller city like Nelson on the South Island, where her investments could have a greater impact, but properties over NZ$5 million are scarce. She also directly voiced concerns to Luxon about New Zealand's tax rules, which would tax her family’s global earnings if they spend more than 183 days a year in the country. Andelman stated her love for New Zealand but also voiced concerns and—implicitly—a warning. "We constantly evaluate the best use of a dollar," she said. "If New Zealand doesn’t offer the best value, we’ll go elsewhere. Every one of those dollars is mobile."
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