Some of California\u2019s wealthiest residents are fleeing the Golden State\u2019s punishing policies for the snow-capped Southern Alps in New Zealand.<\/p>\n
A surge of wealthy Americans, particularly Californians, are snapping up \u201cgolden visas,\u201d<\/a> where they pay at least NZ$5 million \u2014 roughly $2.9 million \u2014 to secure the right to live, work and study in the country, the Financial Times reports<\/a>.<\/p>\n A separate program requires a NZ$10 million, or about US$5.7 million, investment in passive assets.<\/p>\n For those who want to disappear from the California spotlight, New Zealand\u2019s Queenstown is proving attractive. Getty Images<\/p>\n More than 700 wealthy foreigners have applied under the revamped programs<\/a> in just 14 months, compared with 115 applications during the previous three years.<\/p>\n Since the rules were loosened in April 2025, applicants from North America, Europe and Asia have committed about NZ$4.8 billion to the country.\u00a0<\/p>\n The exodus comes as California prepares for a November vote on a first-of-its-kind one-time tax<\/a> of up to 5% on the assets of people and trusts with more than $1 billion in covered wealth. <\/p>\n Gov. Gavin Newsom, pictured with wife Jennifer Siebel Newsom, has opposed the state-only wealth tax . Instagram\/@jennifersiebelnewsom<\/p>\n The measure, backed by the Service Employees International Union-United Healthcare Workers West<\/a>, would direct 90% of the proceeds to healthcare and the remaining 10% toward food assistance or education programs. State officials say it could generate tens of billions of dollars over several years.\u00a0<\/p>\n The measure qualified for the ballot after clearing the required signature threshold and is now Proposition 40.<\/p>\n Supporters argue California needs the cash to plug holes in health care funding following federal cuts. <\/p>\n The California Democratic Party and California Labor Federation have since endorsed the proposal, adding political muscle to the campaign.\u00a0<\/p>\n But the proposal has also triggered a furious backlash from some of the very billionaires it would target.<\/p>\n Gov. Gavin Newsom has opposed the state-only tax<\/a>, warning that it could drive wealthy residents and their businesses out of California. His office has argued that the measure could ultimately hurt funding for schools, clinics and public safety.<\/p>\n New Zealand is pitching itself as the ultimate billionaire bolt-hole. UCG\/Universal Images Group via Getty Images<\/p>\n Silicon Valley heavyweight Sergey Brin has poured tens of millions of dollars into the fight against the tax, while billionaire-backed groups have pushed competing ballot measures intended to make the wealth levy more difficult to implement.<\/p>\n And some billionaires have already made their exits<\/a>.<\/p>\n Google co-founders Larry Page and Brin, venture capitalist Peter Thiel, Los Angeles lending magnate Don Hankey, former Uber CEO Travis Kalanick and filmmaker Steven Spielberg were among six billionaires publicly reported to have left California before the proposed Jan. 1, 2026 residency cutoff. Their combined fortunes were estimated to represent roughly $27 billion in potential tax revenue.\u00a0<\/p>\n The list is not necessarily the end of the flight. <\/p>\n Meta chief Mark Zuckerberg and venture capitalist David Sacks have also been reported to have moved away, although their circumstances and timing differ from those who departed before the tax\u2019s cutoff.\u00a0<\/p>\n New Zealand, meanwhile, is pitching itself as the ultimate billionaire bolt-hole.<\/p>\n The country\u2019s Prime Minister Christopher Luxon<\/a> hopes the visa program can reverse a \u201cbrain drain\u201d while importing foreign capital, entrepreneurial experience and connections.<\/p>\n New Zealand start-ups are already benefiting, he told the\u00a0Financial Times.<\/p>\n \u201cAt a time when everyone around the world is tightening up their settings, we\u2019ve opened that up, and we\u2019ve been a great beneficiary of the capital coming into our start-ups, but also the knowledge and know-how to come into those start-ups as well,\u201d Luxon said.<\/p>\n Newsom has warned that the billionaire tax could drive wealthy residents and their businesses out of California. Anadolu via Getty Images<\/p>\n The appeal is particularly strong in Silicon Valley.<\/p>\n \u201cIt is becoming a badge of honour in Silicon Valley,\u201d said Lachlan Nixon, founding partner of venture capital firm Motion Capital.<\/p>\n Of the applicants, 277 are Americans, with Californians among the most enthusiastic. <\/p>\n Nixon said he had recruited 30 golden-visa holders who subsequently supplied about 40% of a NZ$27 million fundraising round for several New Zealand companies.<\/p>\n \u201cThere\u2019s a huge wall of money coming but the calibre of these people now investing in the New Zealand economy is what\u2019s important,\u201d Nixon said.<\/p>\n Among the businesses benefiting are critical-minerals company Zethos, magnesium producer Aspiring Materials and seed-protein and oil company Miruku.<\/p>\n Even Rocket Lab founder Sir Peter Beck, whose aerospace company competes with Elon Musk\u2019s SpaceX, believes New Zealand is charging too little.<\/p>\n \t\t\t\t\t\t\tSign up for the California Morning Report newsletter\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tCalifornia’s top news, sports and entertainment delivered to your inbox every day.\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n For those who want to disappear from the California spotlight, Queenstown is proving particularly attractive. Getty Images<\/p>\n \u201cThe country is underselling itself,\u201d Beck told the\u00a0Financial Times.<\/p>\n For those who want to disappear from the California spotlight, Queenstown is proving particularly attractive.<\/p>\n The spectacular resort town sits beneath the Southern Alps and has become New Zealand\u2019s most expensive property market, with a median home price around NZ$1.8 million \u2014 roughly twice the national average.<\/p>\n Golden visa holders, however, face restrictions designed to prevent them from distorting the housing market<\/a> and can only buy property above the NZ$5 million threshold.\u00a0<\/p>\n Property agent Jo Eddington recently spent weeks courting potential applicants in San Diego and Beverly Hills. Many already knew Queenstown, with its private-jet traffic and luxury amenities.<\/p>\n \u201cThere\u2019s a lot of billionaires here. They just wear gumboots,\u201d Eddington said.<\/p>\n The town\u2019s billionaire hideaways include Peter Thiel and Anthony Malkin, the New York businessman whose family trust owns the Empire State Building. Locals have dubbed such wealthy arrivals \u201csleepers in the hills,\u201d according to the\u00a0Times.<\/p>\n Download The California Post App, follow us on social, and subscribe to our newsletters <\/p>\n California Post News: Facebook<\/a>, Instagram<\/a>, TikTok<\/a>, X<\/a>, YouTube<\/a>, WhatsApp<\/a>, LinkedIn<\/a> \t\t\t\t\t\t
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