Switzerland has topped the list of the most powerful passports in 2024 according to the Nomad Passport Index.
The tax and immigration consulting firm, Nomad Capitalist disclosed that factors responsible for the strength of passports include visa-free travel, taxation, global perception, dual citizenship status, and personal freedom.
According to the Nomad Capitalist, the requirements include visa-free travel — 50%, taxation — 20%, global perception —10%, ability to hold dual citizenship — 10% and personal freedom (freedom of the press, mandatory military service, etc.) — 10%.
The 2024 Nomad Passport Index states, “Citizens of different countries deal with very different requirements to pay tax, live freely, comply with regulations, and avoid scrutiny when traveling. In that regard, the number of countries a passport holder may visit does not tell the whole story.”
Following Switzerland, the top nine countries with powerful passports include Ireland, Portugal, Luxembourg, Finland, the United Arab Emirates, The Netherlands, Norway, Germany and New Zealand.
According to CNBC, the Index said, “Portugal tied with Ireland in all but personal freedom, emphasizing its steady appeal, while Finland —known for its vast visa-free travel options — now ranks fourth, highlighting the importance of global accessibility.”
But the “standout development” is the United Arab Emirates.
It said, “The UAE was No. 1 in 2023, but slipped to a sixth-place tie this year with countries like the Netherlands, Germany, and New Zealand, according to the research team.
“The drop was caused by a change in UAE tax policy that affected domestic and overseas company owners, including residents with foreign company ownership.”
Bulgaria is one to watch, according to the team. Its passport rose from 42nd in the index to 32nd in two years, largely because of its entrance into Europe’s Schengen zone scheduled to happen in late March, it said.
Hong Kong slipped from 44th place in 2022 to 50th place this year, while Macao ranks 69th and China sits much further down the list in 120th place.
Leave a Reply