Wealthy Californians Seek Global Residency Amid Political Instability
Many wealthy residents from California are considering destinations beyond the United States. A growing number of them are looking to secure residency and citizenship abroad due to fears of political instability within the U.S., according to reports by journalist Audrey McGlinchy.
In particular, tech billionaire Peter Thiel is exploring citizenship in Argentina, driven by concerns about U.S. policy directions, including a proposed tax on billionaires in California set for a vote later this year. The interest in citizenship by investment programs surged initially in 2020. The lockdowns and travel restrictions due to the pandemic made many wealthy individuals feel trapped. This interest spiked again when Trump was re-elected in 2024, particularly among residents from Democratic-leaning states like California.
Understanding ‘Golden Visas’
Golden visas or citizenship by investment programs allow individuals to obtain residency by investing significant sums into a country’s economy, often through real estate or direct business investments. Californians constitute up to 20% of global clients pursuing international residency. This is not surprising given the significant number of affluent individuals in the state.
Additional Residency as a Contingency
While many Californians are seeking residency abroad as a precaution against domestic political changes, few intend to relocate permanently. Many countries offer these residency options without requiring full-time residence. Paul Williams, CEO of La Vida Golden Visas, compares this to having an insurance policy.
Popular European Destinations
Portugal and Malta are preferred residency programs in Europe. Wealthy Americans often choose European residency for the freedom to live and work across the EU. In Portugal, a typical investment for residency is 500,000 euros, mainly in local businesses. Applicants need to stay in Portugal for two weeks during the first two years of their visa. Full residency can take up to five years with citizenship, often requiring language proficiency.
New Zealand is another attractive option outside Europe. It offers a faster residency process, requiring an investment of around NZD 5 million, roughly $3 million, with permanent residency possible within three years.
This global shift among California’s wealthy signifies a substantial change in how they manage their future amid growing domestic uncertainties.