get_category_parents for custom post type taxonomy

Updated answer:

There’s now a core function since WordPress 4.8, to list the ancestors of a given term:

get_term_parents_list( 
    int $term_id, 
    string $taxonomy, 
    string|array $args = array() 
)

and get_category_parents() is a wrapper for that function with $taxonomy as 'category'.

Previous answer:

Here is a modified version I made from the function get_category_parents() to support general taxonomies.

/**
 * Retrieve category parents with separator for general taxonomies.
 * Modified version of get_category_parents()
 *
 * @param int $id Category ID.
 * @param string $taxonomy Optional, default is 'category'. 
 * @param bool $link Optional, default is false. Whether to format with link.
 * @param string $separator Optional, default is "https://wordpress.stackexchange.com/". How to separate categories.
 * @param bool $nicename Optional, default is false. Whether to use nice name for display.
 * @param array $visited Optional. Already linked to categories to prevent duplicates.
 * @return string
 */
function wpse85202_get_taxonomy_parents( $id, $taxonomy = 'category', $link = false, $separator="https://wordpress.stackexchange.com/", $nicename = false, $visited = array() ) {

            $chain = '';
            $parent = get_term( $id, $taxonomy );

            if ( is_wp_error( $parent ) )
                    return $parent;

            if ( $nicename )
                    $name = $parent->slug;
            else
                    $name = $parent->name;

            if ( $parent->parent && ( $parent->parent != $parent->term_id ) && !in_array( $parent->parent, $visited ) ) {
                    $visited[] = $parent->parent;
                    $chain .= wpse85202_get_taxonomy_parents( $parent->parent, $taxonomy, $link, $separator, $nicename, $visited );
            }

            if ( $link )
                    $chain .= '<a href="' . esc_url( get_term_link( $parent,$taxonomy ) ) . '" title="' . esc_attr( sprintf( __( "View all posts in %s" ), $parent->name ) ) . '">'.$name.'</a>' . $separator;
            else
                    $chain .= $name.$separator;

            return $chain;
    }

You can use the function like this:

echo wpse85202_get_taxonomy_parents($cat, $tax, TRUE, ' » ');

or like

echo wpse85202_get_taxonomy_parents(65, 'country', TRUE, ' » ');