California Billionaires Fleeing State for New Zealand's Golden Visa

California's wealthiest residents are fleeing the state due to punishing policies, particularly a proposed one-time tax of up to 5% on assets worth over $1 billion. The measure qualified for the ballot as Proposition 40 and could generate tens of billions of dollars in revenue over several years.

Instead of facing this tax, some billionaires have chosen to relocate to New Zealand's Southern Alps. The country offers a 'golden visa' program where applicants pay at least NZ$5 million (approximately $2.9 million) for the right to live, work, and study in the country.

Since the rules were loosened in April 2023, over 700 wealthy foreigners have applied under the revamped programs, committing about NZ$4.8 billion to the country. The applicants come from North America, Europe, and Asia.