As high-profile individuals relocate to states like Texas and Florida to avoid California’s proposed billionaire tax, some millionaires in California are planning international moves. These relocations are not solely about tax avoidance but also about diversifying assets and establishing a backup plan. The trend towards obtaining 'golden visas'—programs that grant residency in exchange for significant investments—has gained traction since 2019, according to Henley & Partners, a global citizenship and residency advisory firm. Their U.S. client applications increased over 1,000% between 2019 and 2024, with further growth expected in 2025. For example, in New Zealand, Americans submitted 305 applications from April 2025 to September 2026, while in Portugal, approvals rose from 65 in 2019 to 406 in 2024. Basil Mohr-Elzeki, a managing partner at Henley & Partners, noted that clients are increasingly viewing these visas as part of 'legacy planning' for future generations. In California, most clients are from the Bay Area and Los Angeles. Although only about 4% of U.S. clients actually relocate, they value the flexibility of having multiple residences. New Zealand's Active Investor Plus Visa, which requires a minimum investment of $5 million NZD (approximately $3 million USD), has become popular since its introduction in September 2022. Costs for golden visas can range from $150,000 to $8 million. David Russell, an international investment adviser, indicated that many applicants are wealthy individuals from coastal areas who seek alternatives to living in the U.S. due to political dissatisfaction. Some programs, such as Portugal's, have shifted focus towards sustainable investments. Immigration lawyer David Simoes Fitas reported that many of his clients desire a second passport as a safety net, often feeling unwelcome in the U.S. due to various personal factors. The U.S. has also launched its own golden visa program, requiring a $1 million investment for residency, but it has seen limited interest so far.
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Wealthy Californians Exploring International Relocation Options
Wealthy Californians are increasingly considering international relocation options, not just for tax avoidance but also for asset diversification and as a contingency plan. The trend towards obtaining 'golden visas' has surged, with significant increases in applications for residency programs in countries like New Zealand and Portugal. Many applicants are motivated by a desire for lifestyle flexibility and a second passport amid political and social concerns in the U.S.
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Global escape hatch attracting wealthy Californians...
Wealthy Californians Exploring International Relocation Options