In a landmark ruling, the European Union this week banned so-called golden passport programs, which let wealthy foreigners pay for for expedited citizenship, and which have been popular among wealthy Americans looking for an exit strategy from their increasingly politically fraught home country. But investment migration experts say there are options outside of Europe for for high-net-worth individuals looking for a Plan B.
As many countries in Europe close their doors, New Zealand is opening its own, eager for capital investments from wealthy foreigners the government hopes will help ease recent financial pain.
Earlier this year, the island country announced it would relax restrictions on its Active Investor Plus visa program in a bid to attract more investors. Changes include removing an English-language requirement, expanding qualifying investments, and reducing how long investors must stay in the country.
The changes, which went live April 1, are already driving significant interest, according to Greener Pastures New Zealand, which provides immigration and naturalization services. Owing to its remote location, natural beauty, and tax benefits—the country has no capital gains, estate, or wealth taxes—New Zealand has long appealed to wealthy Americans, especially those in Silicon Valley.
Individuals are generally required to invest somewhere between $2.5 to $5 million USD, and stay in New Zealand for a specified number of days. They must also hold their investments for a certain number of years to qualify. Around 40% of inquiries to Greener Pastures have come from Americans investors, many of whom cite political uncertainty as a motivating factor, says Dominic Jones, managing director of Greener Pastures New Zealand.
“This visa is hugely valuable to New Zealand. We’re a small country. That means often we’re short on capital, both financial capital and also human capital,” Jones told Fortune earlier this year. “Attracting super successful, highly wealthy people to a place like New Zealand has a lot of really positive flow on effects.”
European countries rethink golden residency programs
The EU high court’s decision this week to ban golden passport programs stems from just one member state, Malta, offering an expedited path to citizenship via investment (Bulgaria and Cyprus previously offered a similar pathway but independently wound down their programs). But plenty of countries, including Greece, Ireland, Portugal, and Spain, have offered residency by investment, which wealthy foreigners could often attain through buying residential properties.
Though residency doesn’t come with all of the perks of citizenship, it does allow wealthy foreign nationals easier access to travel to the country they bought their property in and throughout the EU. It has been popular among elites who enjoy barrier-free travel, as well as retirees looking for greener pastures outside the U.S.
But citizenship for sale has also attracted criminal elements, anticorruption organizations have found, and European government leaders say wealthy investors buying up properties in major cities contributed to skyrocketing housing costs that are pricing out locals.
As such, many countries are winding down or significantly reducing their programs. Spain ended its golden visa program on April 3; Ireland and the Netherlands have previously done so, and Greece plans to tighten restrictions. In 2023, Portugal eliminated real estate as a qualifying investment for residency.
Hungary, meanwhile, restarted its golden visa program last year. At the start of 2025, it also abolished the real estate investment option.
Citizenship by investment programs are more rare than residency, and Malta’s was considered the “gold standard,” according to Henley & Partners, a global immigration investment advisory firm. Outside of Europe, popular destinations for second citizenship include Grenada, Antigua and Barbuda, and Dominica.
