Wealthy Americans drive surge in New Zealand golden visa demand

More than 700 wealthy foreign nationals have applied for New Zealand residency under the country’s “golden visa” programme over the past 14 months, compared with just 115 applications during the previous three years.

Applicants are required to invest at least NZ$5 million in local funds, companies or charitable organisations within three years.

A further 127 people have applied under a separate programme that requires an investment of NZ$10 million in passive assets such as bonds for five years.

The surge followed a relaxation of rules governing property purchases, investment requirements and the amount of time applicants must spend in the country to qualify.

According to the Financial Times (FT), the increase in applications for the right to live, work and study indefinitely in New Zealand has coincided with a period of geopolitical uncertainty that has made the country’s security and remote location increasingly attractive.

Dozens of countries around the world, from Portugal to the US, offer preferential immigration treatment in exchange for investment or, in some cases, cash payments.

Many have had mixed experiences with such schemes. Ireland, Malta and Australia have scrapped their programmes because of insufficient demand or concerns over abuse.

In New Zealand’s case, Prime Minister Christopher Luxon hopes the visas will attract more foreign investment and help reverse a “brain drain” that threatens the country’s economic growth.

Although tourists often fall in love with New Zealand and dream of moving there, many young New Zealanders leave in search of better economic opportunities.

According to Luxon, New Zealand start-ups have already begun benefiting from the policy.

“While everyone else around the world is tightening restrictions, we’ve opened the doors and our start-ups have benefited enormously from the capital flowing in, as well as from the knowledge and technical expertise these investors have brought,” he said.

Since the programme was comprehensively overhauled in April 2025, applicants from North America, Europe and Asia have committed a combined NZ$4.8 billion, through investments of either NZ$5 million or NZ$10 million each.

That figure is comparable to the NZ$14.8 billion in foreign investment recorded during the first quarter of this year.

Lachlan Nixon, co-founder of venture capital firm Motion Capital, said the programme had become “a badge of honour in Silicon Valley”.

Data show that 277 applications have come from Americans, with Californians showing particularly strong interest in obtaining New Zealand residency.

“A massive influx of capital is coming, but what really matters is the quality of the people now investing in the New Zealand economy,” Nixon said. He added that 40% of a recent NZ$27 million fundraising round for high-growth New Zealand companies came from 30 holders of “golden visas”.

According to Luxon, companies benefiting from the programme include critical minerals firm Zethos, which appointed European steel industry veteran Francesc Rubiralta to its board.

Nixon said other companies backed under the programme include seed oil protein producer Miruku and magnesium mining company Aspiring Materials.

In the mountain town of Queenstown, a preferred destination for many applicants, locals refer to billionaires such as Peter Thiel and Anthony Malkin, whose foundation owns New York’s Empire State Building, as “the secret residents on the hills”.

Most prefer to keep their wealth and presence private. Thiel’s citizenship was inadvertently revealed during a parliamentary debate, while Malkin’s presence became public after fireworks he set off on New Year’s Eve sparked grass fires.

According to Cotality, their arrival has made Queenstown New Zealand’s most expensive property market, with a median home price of NZ$1.8 million, double the national average.

Under the visa programme’s rules, participants may purchase only residential properties worth more than NZ$5 million, a provision designed to prevent their presence from distorting the broader housing market.

“There are a lot of billionaires here. They just wear gumboots,” one property adviser said.

However, doubts remain about the programme’s benefits. Sam Stubbs, chief executive of pension fund Simplicity, said people should make “genuine investments” in the country rather than seek special treatment in exchange for “a small amount of money” invested in a venture capital fund.

“Heaven comes at a price. It’s a price we all pay,” Stubbs said.

Some applicants have also voiced concerns. Courtney Andelman, who runs a venture capital fund in Santa Barbara with her husband Jim, successfully obtained a visa last year and now visits New Zealand regularly.

“There’s something magical in the air and the water. It’s an incredibly healthy place,” Andelman said.

However, she said she wanted to settle in a smaller South Island city such as Nelson, where her investments could have a greater impact, but found very few properties worth more than NZ$5 million.

She also complained that under New Zealand’s tax rules, if her family spends more than 183 days a year in the country, their worldwide income becomes subject to New Zealand taxation.

Andelman said she loved New Zealand but expressed concern and issued an implicit warning.

“How to make every dollar achieve its highest and best use is a question we constantly ask ourselves. If New Zealand doesn’t offer the best value, we’ll go somewhere else. Every one of those dollars is mobile.”