Californians Explore Options for Residency Abroad

Many wealthy residents of California are now exploring options for residency and citizenship outside the United States. This trend is fueled by concerns over political instability within the country. Tech billionaire Peter Thiel is among those seeking citizenship abroad, with Argentina as his chosen destination due to concerns about U.S. policies, including potential taxes on billionaires.

Golden Visa Program

The golden visa program allows individuals to gain residency or citizenship in a foreign country by making significant investments, such as purchasing property or investing directly in the economy. Investors can become permanent residents or citizens by meeting specific financial criteria.

Wealthy Californians are increasingly participating in these programs. According to investment firms, Californians now comprise about 20% of global clients seeking international residency options.

Using Residency as a Contingency Plan

Many Californians interested in residency abroad do not plan to move immediately. Often, the residency serves as a precautionary measure in case of future political or social upheaval. Residents are not required to live full-time in these countries to maintain their residency status.

“This is a little bit like having an insurance policy,” said Paul Williams, CEO of La Vida Golden Visas.

Popular Destinations in Europe and Beyond

In Europe, Portugal and Malta offer attractive residency programs for wealthy individuals. For example, in Portugal, a typical investment of 500,000 euros in local businesses is required. Applicants need to stay in Portugal for a minimum of two weeks annually over the first two years to retain their visa, and the path to citizenship usually takes several years.

New Zealand is also a popular choice with its relatively fast track to residency. A minimum investment of NZD 5 million is required, and applicants can achieve permanent residency within three years.

These programs appeal to wealthy individuals who wish to secure alternative living arrangements and maintain global mobility.