Golden visas can be a force for good if they create jobs
Donald Trump's proposed 'Trump Card' is proving to be polarising. If it goes ahead as planned, it would offer a fast track to legal status for wealthy immigrants investing $5 million and exempt card holders from federal income tax on foreign earnings.
Colloquially known as a golden visa, these programs are more correctly referred to as 'residency by investment' visas. In simple terms, if one invests enough in an economy, they are offered a residency visa. The theory is that the investment will lead to greater economic output and more jobs — and the impact on the economy and standard of living in that country will be positive.
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Golden visas can deliver meaningful benefits to countries, economies and citizens if administered correctly. I advise people on how to get a visa in New Zealand through my company Greener Pastures New Zealand, and the visa program there requires applicants to directly invest in New Zealand-managed funds or operating businesses. This is not a buy-a-passport scheme; it's an invitation to help to build a country that prizes innovation, transparency and long-term growth.
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We work directly with high-net-worth individuals and families navigating this new landscape. We've seen growing demand from British and American citizens seeking not only lifestyle and economic opportunity, but geopolitical stability and alignment with their values.
In today's world, people are looking for lifestyle, safety, political and economic stability. Much like diversifying one's investment portfolio, obtaining dual residency is a valid way to manage risk. Demand for these visas is increasing worldwide. It is estimated that more than 120,000 golden visas are issued annually globally and that number is rising.
Theory does not always match reality, however. Around the world we have seen examples of governments that have administered the visa in a way that seeks to maximise the total investment balances raised, with little benefit. Examples of this include allowing the visa applicant to place funds in fixed-term deposits, or government bonds. Is the investment valid? Yes. Has the investment helped improve the economy and create jobs? No.
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Any world leader looking at drawing up a golden visa programme should be asking themselves whether it aligns with national priorities. It shouldn't be about selling access, but encouraging investments that create jobs and drive innovation. The best programmes ask what the investor can do and whether the country fits them long term, rather than simply 'selling' a visa.
Governments must design programmes built for permanence, not loopholes. Doing so allows the visa to be mutually beneficial for both the applicant and the offering country. The result is a visa that serves the nation.
Dominic Jones is managing director of Greener Pastures New Zealand, a residency through investment adviser
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