Tasman glacial river, Mount Cook—demand has been highest for New Zealand's golden visa program from Americans.gettyInterest in the New Zealand golden visa program has increased fivefold as global demand for second residencies and alternative investment pathways has surged. Golden visa programs generate significant revenue for countries and are thriving amid an increasingly unstable political and economic backdrop, as investors are choosing them as a Plan B. Indeed, in 2025, the world of second passports and citizenship-by-investment pivoted. For the very first time residents of advanced economies, notably Americans, went hunting for a second passport—and New Zealand has been one target.More Americans Are Opting For The New Zealand Golden Visa ProgramNew figures updated by Immigration New Zealand, the operational processing arm of New Zealand’s immigration system, show that applications have increased fivefold since the re-launch of the program last April—from 115 applications to 609 in one year, amounting to over 2,000 applicants, with Americans the highest nationality.This might seem like a small number of people, but these applications amount to a potential investment of NZD $3.57 billion ($2.1 billion) once they are all processed, with $1.32 billion already deployed into the economy. The application time is relatively fast, averaging 34 working days once the investment is received.New Zealand Is Looking To Attract More Highly-Skilled Immigrants And InvestorsIn early 2025, the government announced plans to relax its golden visa program, just after launching a new digital nomad visa. It is part of a new project to encourage more people to choose New Zealand as their home, both for investment purposes, through the golden visa program and also in real terms—unlike other digital nomad visas, there is no minimum monthly requirement for New Zealand’s digital nomad visa.With a population of just over 5 million people, New Zealand is one of the least densely populated countries in the world. It is also amidst an emigration problem as residents move abroad in search of jobs and higher salaries.The New Zealand government also announced that golden visa holders will no longer be subject to the ban on foreigners buying property. In addition, it aims to attract skilled migrants through two new visa pathways, which will be in place by mid-2026. One will be for skilled migrants who meet relevant experience and salary thresholds. The other is for migrants in trade and technical roles who meet qualification, work experience and wage thresholds.The old golden visa program required English proficiency, but that requirement was removed. It also had a quite complicated investment weighting system, which was simplified.The Attractiveness Of The New Zealand Golden VisaThe outdoors lifestyle used to be the main draw for new residents. Dominic Jones, managing director of Greener Pastures New Zealand, an investment and lifestyle advisory firm for people looking to move to New Zealand, says that “While lifestyle still matters, it’s no longer the primary driver for investors. The appeal of space, natural beauty, and a slower pace of life certainly reinforces the decision, but for most investors, the initial motivation is strategic. They’re thinking about stability first, and quality of life becomes an added benefit rather than the core reason.”There are also considerable financial incentives for anyone looking to make New Zealand their home. New Zealand has no gift, estate or wealth tax, no capital gains tax and an extensive tax treaty network. Its legal system is based on English law. A second residency was once viewed as something to be considered down the line, but as Jones says, it’s now becoming part of core planning, and as global volatility increases, investors are moving more rapidly. How Much For A New Zealand Golden Visa? There are two portfolio types on the New Zealand golden visa program with different minimum stay requirements in the country, ranging from 21 days to 105 days, and investment amounts, ranging from $2.9 million over three years to $5.8 million over five years. Previously, the investment amount had been higher.In 2025, Henley & Partners, an immigration firm for high-net-worth individuals, ranked New Zealand's golden visa (the Active Investor Plus visa) in the top 10 globally for investor protection and ease of starting and doing business there. At that time, CNTraveler reported ranking 21st on Henley & Partners' list of the 30 great golden visa options.Americans are approaching golden visas as a form of risk management, and while the political uncertainty is prompting many to act now, Jones thinks this trend is part of a bigger structural change. “Wealthy families are increasingly building optionality into their lives, whether that’s where they live, invest, or educate their children,” he says. “While election cycles and policy changes can accelerate interest, the underlying motivation is more enduring.”Golden Visa Programs Can Be DivisiveWhile golden visa programs attract economic investment, critics believe they allow people to “purchase” residency (and later possibly citizenship) and then travel visa-free more easily around the world than is otherwise possible for the general population. This has been a great concern in Europe, where the EU believes residency and citizenship shouldn’t be ‘for sale’ and has led many countries in Europe to wind down programs or significantly change them.Others believe that they lead to higher local house prices, either directly where the investment required for a golden visa can be in real estate or either indirectly because golden visa holders are able to pay more for property and so price locals out of the long-term housing market—Spain’s golden visa program was wound down for this reason, and Portugal erased the real estate part of its program. Critics also don’t believe they contribute enough to the economy, generating few jobs and not much sustainable economic development.Regardless, the rise in demand for the New Zealand golden visa reflects a major shift in how globally minded investors plan for the future and is evidence of the continuing global interest in second passports and citizenship-by-investment (golden visa programs) playing a bigger role in global mobility and investment trends.MORE FROM FORBESForbesItaly Strengthens Defenses Against OvertourismBy Alex LedsomForbesEuropeans Urged To Travel Less As Fear Of Energy Shortage IncreasesBy Alex LedsomForbesPortugal Golden Visa—Government Votes To Extend Citizenship TimelineBy Alex Ledsom