Switzerland ranks first in the list of most powerful passports in 2024
Switzerland leads the 2024 ranking of the most powerful passports, as reported by the Nomad Passport Index.
Nomad Capitalist, a tax and immigration consulting firm, revealed that the strength of passports is determined by various factors such as visa-free travel, taxation policies, global perception, eligibility for dual citizenship, and personal freedoms.
As per Nomad Capitalist's assessment, the criteria include visa-free travel (50%), taxation policies (20%), global perception (10%), eligibility for dual citizenship (10%), and personal freedoms (such as freedom of the press and mandatory military service) (10%).
The 2024 Nomad Passport Index emphasizes that citizens from different countries face varying requirements regarding taxation, freedom of living, regulatory compliance, and travel scrutiny. It asserts that simply counting the number of countries a passport allows access to doesn't provide the complete picture.
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 noted, "Portugal and Ireland are closely ranked in all aspects except personal freedom, highlighting Portugal's consistent appeal. Finland, renowned for its extensive visa-free travel options, now ranks fourth, underscoring the importance of global accessibility."
However, the "notable development" is observed in the United Arab Emirates.
The UAE, which held the top spot in 2023, has slipped to sixth place this year, sharing the position with countries like the Netherlands, Germany, and New Zealand, according to the research team.
The decline was attributed to a modification in UAE tax policy impacting both local and international company owners, including residents with ownership in foreign companies.
The research team highlights Bulgaria as one to monitor. Over two years, its passport ascended from 42nd to 32nd in the index, primarily due to its imminent inclusion in Europe's Schengen zone, scheduled for late March.
Hong Kong's ranking declined from 44th place in 2022 to 50th place this year, while Macao holds the 69th position. China is considerably lower on the list, sitting at 120th place.
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