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What are the most powerful passports for 2024?

2024-03-06 12:57:11Lifestyle SHKRUAR NGA REDAKSIA VOX

What are the most powerful passports for 2024?

Many passport rankings focus on one factor: visa-free travel. But the power of the passport is more complex than that, according to tax and immigration consulting firm Nomad Capitalist. That is why it produces an annual weighted index that analyzes five criteria:

Visa-free travel – 50%

Tax – 20%

Global perception – 10%

Ability to hold dual citizenship – 10%

Personal freedom (freedom of the press, compulsory military service, etc.) – 10%

The Nomad Passport Index 2024 says: “Citizens of different countries face very different requirements to pay taxes, live freely, comply with regulations and avoid screening when they travel. In this regard, the number of countries a passport holder can visit does not tell the whole story.”

Switzerland topped this year's ranking, followed by Ireland and Portugal.

According to Nomad Capitalist's research team, a light corporate tax overhaul in Ireland was more than offset by its top results for travel and global perception. "Portugal tied with Ireland in all but personal freedom, highlighting its enduring appeal, while Finland, known for its extensive visa-free travel options, now ranks fourth, highlighting the importance of global access," said he.

But the "prominent development" is the United Arab Emirates. United Arab Emirates was No. 1 in 2023, but fell to sixth place this year with countries such as the Netherlands, Germany and New Zealand, according to the research team. The drop was caused by a change in UAE tax policy that affected both local and foreign company owners, including residents with foreign-owned companies, he said.

Bulgaria is one to watch, according to the team. Its passport rose from 42nd in the index to 32nd in two years, largely due to its entry into Europe's Schengen area, scheduled for late March, he said. Hong Kong fell from 44th in 2022 to 50th this year, while Macau ranks 69th and China is far down the list at 120th.

The full list can be seen on the Nomad Capitalist website. Many people are curious to know how their passports compare to their global counterparts, but that's not why Nomad Capitalist produces the annual rankings, he said. The company helps people obtain a second or even third citizenship, otherwise known as a "portfolio passport," and many do so to reduce their tax burden or to have a backup residency plan.


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