Portugal, New Zealand and Greece See Explosion of Interest in Golden Visa Programs as They Revamp Schemes to Attract Wealthy Expats – Travel And Tour World

The idea of “golden visas,” a type of residency or citizenship granted to foreign nationals in exchange for significant investment in a country’s economy, is not new. However, this concept is making a quiet but significant comeback, particularly in nations eager to attract wealthy expatriates and secure foreign capital. As global political and economic uncertainties mount, the demand for such programs has surged, with many countries revisiting or revamping their own golden visa schemes to accommodate those looking for a safe haven, tax incentives, and opportunities for economic growth.

While Australia made headlines last year by scrapping its version of the golden visa after concerns that the program was being exploited, New Zealand has taken a markedly different path. The Kiwi nation recently revamped its golden visa program, signaling a sharp pivot in the way it views immigration. This shift aims not only to attract wealthy foreign investors but also to bolster the economy at a time when New Zealand is facing its own set of challenges.

In this detailed exploration, we delve into the intricacies of these golden visa schemes, how they are being restructured globally, and why they have become increasingly popular among the world’s elite.

The Rise of Golden Visas: What Are They and Why Are They Making a Comeback?

A golden visa is essentially a residence permit or citizenship offered to foreigners who invest significant sums into a country’s economy. This could take the form of a real estate investment, business development, or contributions to the local economy in the form of donations or job creation. In return, the investor is granted residency and sometimes even full citizenship, with few questions asked.

The appeal of such visas is clear for wealthy individuals: they offer the opportunity to live and work in another country, often with access to better healthcare, education, and tax advantages. This is especially appealing to those from countries experiencing political instability, economic turbulence, or seeking more favorable living conditions. For countries, golden visa programs provide a boost in foreign direct investment, which can stimulate economic growth, support infrastructure development, and create jobs.

As global tensions rise and some nations struggle with internal instability, golden visas have become a popular tool for attracting foreign wealth, capital, and talent. This trend is particularly evident in countries like New Zealand, which has recently restructured its golden visa program, and Portugal, Greece, and Malta, which have either adapted or maintained their schemes despite some controversies.

New Zealand’s Gold Rush: Revamping the Golden Visa to Attract Wealthy Expats

New Zealand’s decision to revamp its golden visa system in April 2025 reflects a shift in how the country is approaching its immigration policy. The golden visa program, which had been in place for several years, struggled to generate significant interest, with only around 100 applications and 46 approved in over two and a half years. The program initially failed to attract wealthy foreign nationals despite New Zealand’s strong appeal as a peaceful, stable, and geographically desirable location.

In response to this, New Zealand’s government made substantial changes to the program. One of the most significant updates was the removal of the English language proficiency requirement, which had been seen as an obstacle for many wealthy applicants. Additionally, the country reduced the required investment amount and eased the restrictions on the amount of time a visa holder needed to spend in the country, with some cases requiring as little as 21 days per year.

Moreover, New Zealand has taken a proactive stance in streamlining the approval process. Under the new system, applications are being processed as quickly as 11 days, a stark contrast to the slow bureaucratic pace of the past. This rapid approval time has significantly increased interest in the program, with over 600 million New Zealand dollars in potential investments already on the table in the first six weeks since the revamped system’s launch.

The surge in interest is not merely coincidental. The geopolitical environment, particularly the political climate in the United States, has played a crucial role in this shift. Following Donald Trump’s presidency, there was a noticeable uptick in searches for New Zealand immigration information. Many of these searches are from high-net-worth individuals seeking a peaceful, stable place to call home—free from the unpredictability of political changes in the US.

New Zealand’s Open Arms Approach: Welcoming Wealthy Foreigners

One of the key factors contributing to the success of New Zealand’s revamped program is the government’s shift in attitude toward wealthy foreigners. In contrast to previous administrations that were wary of foreign influence, the current government has embraced the idea of welcoming these investors. There has been a marked change in the way immigration officials handle applications, with clear instructions to fast-track them. The overarching message is that New Zealand is actively seeking foreign capital, talent, and investment to support the nation’s economy.

This shift in mindset is evident not only in the program’s structure but also in its strategic goals. The government has indicated that it views this program as essential to boosting the economy, especially considering the country’s recent economic struggles, including a recession in the previous year. Additionally, New Zealand faces an ongoing skilled labor shortage, exacerbated by a significant number of Kiwis moving to Australia in search of better opportunities. The golden visa program, therefore, represents a clear strategy to attract both money and skilled workers to fill the gaps.

Property Ownership and Challenges in New Zealand’s Golden Visa Program

Despite these positive changes, the property ownership issue remains a major point of contention in New Zealand’s golden visa program. Currently, foreigners are prohibited from purchasing property, with only Australians and Singaporeans permitted to buy real estate due to pre-existing trade agreements. This restriction is a result of a political outcry in 2018 when the government banned foreign nationals from purchasing property in New Zealand after concerns that the country’s housing market was being artificially inflated by wealthy foreigners.

The property issue is particularly important to many golden visa applicants, as they often want to invest in real estate as part of their new lives in the country. Many wealthy individuals see owning property as essential, whether it is for personal use or as an investment. New Zealand’s restrictive property laws have frustrated some applicants, particularly those from countries like China and the Middle East, where investing in real estate is a common way to secure long-term wealth.

Despite this, the golden visa remains an attractive option for those looking for a “bolthole” at the bottom of the world. For some, New Zealand offers the perfect balance of security, political stability, and natural beauty, making it a desirable location for those seeking to escape geopolitical tensions and the unpredictability of life in other parts of the world.

Global Perspectives: The Golden Visa Trend in Other Countries

While New Zealand’s golden visa program is receiving a great deal of attention, it is by no means the only country offering such a scheme. Many other nations have introduced or tweaked their own golden visa systems in recent years, adapting them to meet the needs of an increasingly mobile, wealthy global population.

• Portugal: One of the most popular destinations for golden visa applicants, Portugal offers a residency visa in exchange for real estate investment. The country has adjusted the program over time, including restrictions on property investments in certain areas to avoid inflating housing prices. Nevertheless, Portugal remains one of the top destinations for wealthy investors seeking a second home in Europe.
• Greece: Greece’s golden visa program requires a real estate investment of €250,000, making it one of the more affordable options in Europe. However, the Greek government has raised the required investment in certain areas, particularly in popular urban centers, to balance the growing demand for property with local economic needs.
• Malta: Malta’s golden visa scheme was recently scrutinized by the European Union after the country was found to be selling citizenship rather than offering residency. The EU’s ruling has forced Malta to reconsider its golden passport program, but the nation still provides opportunities for wealthy investors through golden visa schemes.

In contrast, the United States has recently proposed its own version of a golden visa program, which is being referred to as the “gold card”. In exchange for a $5 million investment, the program would allow foreign nationals to work toward U.S. residency. This proposal remains in the early stages, but it signals that even the U.S. is recognizing the value of attracting foreign capital.

Australia’s Skepticism: Moving Away from Wealth-Based Migration

While countries like New Zealand, Portugal, and Greece are embracing golden visas, Australia has moved away from this model. After facing backlash over concerns that the golden visa program was being exploited, the country scrapped its own version in 2024. Australia has since turned its focus toward attracting high-skilled migrants rather than wealth-based migration, reflecting growing skepticism about the benefits of encouraging wealthy foreigners to buy their way into the country.

In contrast to the growing acceptance of golden visas in New Zealand and other countries, Australia’s emphasis on high-impact migration signals a shift in priorities. The country is looking for migrants who can contribute to the economy and society through their skills, rather than simply investing in real estate or businesses. However, this skepticism does not negate the fact that many wealthy Australians still seek alternative destinations where they can secure residency through investment.

The Future of Golden Visas: Opportunities and Controversies

The future of golden visas is likely to see continued adaptation and growth, with countries refining their programs to meet the demands of a global population increasingly seeking secure, desirable places to live. As the world becomes more interconnected, the demand for safe havens and financial opportunities will only grow. Countries like New Zealand, Portugal, and Greece are seizing the opportunity to attract wealth and investment, while others like Australia may look at new models to appeal to skilled labor rather than wealthy investors.

However, as these programs continue to evolve, it’s clear that they come with their own set of challenges and controversies. The debate over whether golden visa schemes benefit local economies or exacerbate housing crises will continue to shape how countries approach these programs in the years to come.

In conclusion, golden visas are making a quiet yet impactful return to the global stage. While countries like New Zealandare embracing the influx of wealthy expatriates, others like Australia remain skeptical. The growing trend reflects a desire for more targeted and sustainable immigration systems that balance the need for foreign capital with the priorities of local residents. As these schemes evolve, the coming years will likely see further shifts in how nations attract, manage, and benefit from the global flow of wealth.