Californias rich paying $3M to escape state for New Zealands Southern Alps

Some of California’s wealthiest residents are fleeing the Golden State’s punishing policies for the snow-capped Southern Alps in New Zealand.A surge of wealthy Americans, particularly Californians, are snapping up “golden visas,” where they pay at least NZ$5 million — roughly $2.9 million — to secure the right to live, work and study in the country, the Financial Times reports.A separate program requires a NZ$10 million, or about US$5.7 million, investment in passive assets.More than 700 wealthy foreigners have applied under the revamped programs in just 14 months, compared with 115 applications during the previous three years.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. The exodus comes as California prepares for a November vote on a first-of-its-kind one-time tax of up to 5% on the assets of people and trusts with more than $1 billion in covered wealth.The measure, backed by the Service Employees International Union-United Healthcare Workers West, 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. The measure qualified for the ballot after clearing the required signature threshold and is now Proposition 40.Supporters argue California needs the cash to plug holes in health care funding following federal cuts.The California Democratic Party and California Labor Federation have since endorsed the proposal, adding political muscle to the campaign. But the proposal has also triggered a furious backlash from some of the very billionaires it would target.Gov.

Gavin Newsom has opposed the state-only tax, 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.Silicon Valley h...