Powerful Passports in the World – The Nomad Capitalist, an offshore consulting firm, has released its annual list of the world’s most powerful passports. In 2023, the United Arab Emirates (UAE) passport claimed the top spot, overtaking last year’s champion, Luxembourg. Here’s a breakdown of the top ten passports on the list and what makes them so powerful.
Most powerful passports in the World
United Arab Emirates
Passport’s jump to the number one spot is thanks to recent changes that allow for dual citizenship, combined with its business-friendly environment, enviable tax system, and travel freedoms.
Luxembourg
Luxembourg boasts high levels of freedom and excellent passport perception, making it a prosperous EU member state. It’s also become easier for expats to naturalize as citizens.
Switzerland
Swiss citizens enjoy high levels of liberty and privacy. The country’s famous neutrality ensures that Swiss nationals remain some of the most respected travellers worldwide.
Ireland
Ireland offers one of Europe’s lowest corporate tax rates and has a strong reputation. Its passport’s visa scores are among the highest, and Irish citizens enjoy free travel to the UK.
Portugal
Portugal has a friendly and welcoming culture, and Portuguese citizens enjoy visa-free travel to countries that other EU citizens don’t. The country also has a favorable tax exemption program for expats.
Germany
Germany is a high-tech and heavily industrialised economy with a strong work ethic. German passports bestow a high degree of travel freedom, though taxes are relatively high compared to its European neighbours.
Czech Republic
Czech passport holders enjoy a high degree of travel freedom and, with proper structuring, a considerable degree of tax freedom too. The country is a popular expat destination with a rich culture.
New Zealand
New Zealand is a newcomer to the top-ten list, thanks to its warm climate, easy-going nature, and cinematic landscapes. Citizens enjoy a considerable degree of personal freedom inside the country and travel freedom throughout the world.
Sweden
Sweden has a seven-year streak as a top-ten passport, thanks to its excellent global reputation and the high level of personal and travel freedoms it affords. However, the country has extremely high taxes.
Finland
Finland’s visa-free travel to a large number of countries is balanced out by its more stringent tax policies for expats.
However, the firm notes that a passport’s ranking is calculated by taking into account more than just travel freedoms. A country’s approach to international taxation laws, global perception, dual citizenship, and personal freedom also play a significant role in determining its ranking.
In conclusion, having a powerful passport can offer a world of opportunities, from hassle-free travel to greater personal and tax freedoms. The top-ten passports on the Nomad Capitalist’s list are worth considering for those seeking to take advantage of such benefits.
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