Passport rankings are often based solely on visa-free travel privileges, but Nomad Capitalist, a tax and immigration consulting firm, delves deeper into the concept of passport strength. They utilize a weighted annual index that takes into consideration various factors such as visa-free travel, taxation, global perception, ability to hold dual citizenship, and personal freedom. According to the 2024 Nomad Passport Index, the number of countries a passport holder can visit is not the sole indicator of a passport’s strength.

Switzerland claimed the top spot in the latest ranking, closely followed by Ireland and Portugal. A slight corporate tax adjustment in Ireland boosted its ranking due to high scores in travel and global perception. Portugal’s tie with Ireland in most areas except personal freedom showcases its enduring appeal. Finland, known for extensive visa-free travel options, secured the fourth position, highlighting the significance of global accessibility. However, the United Arab Emirates, which held the top spot in 2023, slipped to sixth place due to changes in tax policies affecting both local and foreign company owners.

Bulgaria’s rise from 42nd to 32nd place in just two years is noteworthy, mainly attributed to its impending inclusion in Europe’s Schengen zone. On the other hand, Hong Kong experienced a decline in rankings from 44th to 50th place, while Macao positioned itself at 69th and China at 120th place. Nomad Capitalist’s website provides the complete list of passport rankings for reference.

While many individuals are interested in comparing their passport strength with others globally, Nomad Capitalist emphasizes that the annual ranking serves a different purpose. The company aids individuals in obtaining second or even third citizenships, also known as a “passport portfolio.” By diversifying their citizenships, individuals can reduce their tax liabilities and establish a backup residency plan. CEO Andrew Henderson underscores the significance of having multiple citizenships for financial and lifestyle planning purposes.

Passport strength goes beyond visa-free travel and encompasses a range of criteria that impact an individual’s global mobility and opportunities. Nomad Capitalist’s comprehensive approach sheds light on the multifaceted nature of passport rankings and the strategic advantages of building a diverse passport portfolio.

Wealth

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