Many passport rankings concentrate on one aspect: visa-free travel.
But passport strength is more intricate than this, according to the tax and migration consulting company Nomad Capitalist.
That’s why it produces a weighted yearly index that evaluates 5 requirements:
- Visa- totally free travel– 50%
- Taxation– 20%
- Global understanding–10%
- Ability to hold double citizenship– 10%
- Personal liberty (liberty of journalism, compulsory military service, and so on)– 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.”
Best passports worldwide
Switzerland topped this year’s ranking, followed by Ireland and Portugal.
Here’s the top 50 list:
A minor business tax change in Ireland was more than balanced out by its leading ratings for travel and worldwide understanding, according to Nomad Capitalist’s research study group.
“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,” it stated.
But the “standout development” is the United Arab Emirates.
The UAE wasNo 1 in 2023, however slipped to a 6th location tie this year with nations like the Netherlands, Germany and New Zealand, according to the research study group. The drop was brought on by a modification in UAE tax policy that impacted domestic and abroad business owners, consisting of locals with foreign business ownership, it stated.
Bulgaria is one to see, according to the group. Its passport increased from 42 nd in the index to 32 nd in 2 years, mostly due to the fact that of its entryway into Europe’s Schengen zone arranged to occur in late March, it stated.
Hong Kong slipped from 44 th location in 2022 to 50 th location this year, while Macao ranks 69 th and China sits much even more down the list in 120 th location.
The total list can be seen at Nomad Capitalist’s site.
Many individuals wonder to understand how their passports compare to their worldwide peers, however that’s not why Nomad Capitalist produces the yearly ranking, it stated.
The business assists individuals get 2nd, and even 3rd citizenships– otherwise called a “passport portfolio,” stated business CEO Andrew Henderson, including that numerous do so to lower their tax concerns or to have a back-up residency strategy.
