Why wealthy Californians are buying escape hatches abroad
More affluent Californians than ever are seeking residency or citizenship in other countries through so-called golden visa programs, driven by fears of political instability at home and a desire for options in an uncertain world.
Jae Kim, Annie Akin and their 4-year-old son are among them. The San Francisco family is in the process of securing Portuguese residency, a move that involves notarized birth certificates, fingerprinting by European officials and transferring 500,000 euros into an international investment fund. They have no immediate plans to leave California, but they want the option.
This trend is not isolated. Three firms that help secure these residences report that interest has skyrocketed over the past five years. One firm went from working with about three California clients a year to more than a hundred. Californians now represent as many as one in five clients worldwide seeking residency in another country, a figure that reflects the state's concentration of wealth.
What is a golden visa?
A golden visa, also known as citizenship by investment, allows individuals who invest significant sums in a country, either through property purchases or direct investment, to obtain permanent residency or citizenship more easily. It is a legal pathway used by wealthy individuals to gain access to multiple countries and, in some cases, an eventual second passport.
What is driving the surge in demand?
The primary motivation, according to firms in the industry, is fear of political instability in the United States. Eric Major, head of Latitude, a citizenship by investment firm with U.S. offices in Denver, Miami and New York, estimates that 85% of his American clients cite this concern. He puts the average net worth of his California clients near $250 million, with many spending around $1 million to secure another passport.
They're wanting it for, what if the wheels fall off America? Then I need, just like World War II, a place to go, Major said.
Interest first spiked in 2020, when pandemic lockdowns left wealthy people feeling trapped by travel restrictions. Then, in 2024, demand surged again after the reelection of President Donald Trump, particularly from Democrat-heavy states like California. Firms report hearing from clients across the political spectrum.
I have just as many disgruntled Republicans who are worried about another Biden, left-leaning, Sanders, Major said. It's just as much this guy as the other guy.
Where are Californians going?
Most wealthy Americans seeking residency abroad are looking at European nations, which offer access to more than two dozen countries in the European Union. The most popular programs, firms say, are in Portugal and Malta. New Zealand is also gaining interest because it offers a faster path to residency than many European countries.
Some are pursuing citizenship by descent, a far less costly route. Ireland and Italy, for example, grant citizenship to individuals with parents or grandparents born in or citizens of those countries.
Meanwhile, the U.S. has its own concierge program. In 2025, President Trump introduced the Trump Gold Card, which offers residency for a $1 million contribution. The program is currently being challenged in court.
Is this about leaving or having a backup plan?
In most cases, these additional residencies are viewed as insurance rather than a plan to relocate. Many countries do not require full-time residence to maintain permanent residency status.
This is a little bit like having an insurance policy, said Paul Williams, CEO and founder of La Vida Golden Visas, a London-based firm. You don't know if your house is going to burn down or if a plane is going to crash into it, but you take out the policy just in case.
Kim and Akin echo that sentiment. They worry about the future political stability of the U.S. and what it might mean for their son.
We have some worry about that, Akin said. Our son being in future wars, things like that.
They also see practical benefits. With residency, they could retire in Portugal, and their son could attend a European university at a fraction of U.S. tuition costs.
One of the best things money can buy you, generally speaking, is options, said Kim, who works as an AI architect at Microsoft.
How much does it cost?
The capital required varies by country. New Zealand's program requires an investment of at least NZD 5 million, about $3 million, into managed funds or businesses, with permanent residency possible in as little as three years.
In Portugal, a typical route involves investing 500,000 euros in a capital venture or private equity fund, with more than half of that amount going into Portuguese businesses. Applicants must spend at least two weeks in Portugal for the first two years of their residency visa. It can take up to five years to qualify for permanent residency and a decade or more to become a citizen, plus a demonstrated understanding of Portuguese.
A lower-cost option in Portugal involves starting a business with an investment of about 175,000 euros. That is the path Josh, a San Diego lawyer, is taking for himself, his wife and two school-aged children. He asked to be identified only by his first name because he worried his plans might harm his business in the U.S.
It's mostly for the kids, Josh said, explaining that a European passport could open up education and job opportunities for them. The family spends a little over a month each year in Europe and values the simpler travel and longer stays that residency would allow.
We love it over there, Josh said. It's just a different lifestyle.
What does this mean for the rest of us?
The growing exodus of wealthy individuals raises questions about civic engagement and inequality. When the most affluent members of society can buy options that others cannot, it deepens the divide between those who can hedge against political outcomes and those who must live with them.
As Eric Major put it, the big unknown is whether this trend is permanent or a passing reaction to current events.
Is it just a blip? he said. That's the story I can't answer you.
This article is part of The Times' equity reporting initiative, funded by the James Irvine Foundation, exploring the challenges facing low-income workers and the efforts being made to address California's economic divide.