In its annual list, the Nomad Capitalist, an offshore consulting firm, ranked the passport of the United Arab Emirates (UAE) as the most powerful in the world.
The UAE, which has entered the top ten for the first time this year, jumped straight to number one from its position as the 35th passport last year, according to the Nomad.
The recent changes that allow foreigners to apply for dual citizenship are largely to blame for the rise. UAE tops the list for 2023 due to its business-friendly environment, enviable tax system, and travel freedoms provided by a UAE passport.
The Luxembourg passport, which has topped the list for the past two years, comes in second place after the UAE.
According to Nomad
“This tiny but prosperous EU member state offers its citizens high levels of freedom.” Additionally, it boasts superior passport perception. Additionally, it has recently become easier to become a citizen, which is good news for the expats who are residing there.
European countries
“This tiny but prosperous EU member state offers its citizens high levels of freedom.” Additionally, it boasts superior passport perception. Additionally, it has recently become easier to become a citizen, which is good news for the expats who are residing there.
Switzerland comes in at number two, making it one of only three non-EU nations to make the top ten. According to Nomad, Swiss citizens have a lot of freedom and privacy. This year, the nation moved up one spot to the third spot.
“Moreover, the country’s well-known neutrality ensures that Swiss citizens continue to be some of the most prestigious travelers worldwide.”
Ireland’s passport is the fourth one on the list. The corporate tax rate is one of the lowest in Europe, and the passport’s visa scores are among the highest.
The Nomad added, “while Ireland is not part of the European Schengen Area, it is a member of the Common Travel Area (CTA), which means free travel to, and the right to work in the UK,” that traveling as an Irish citizen is generally hassle-free due to Ireland’s “excellent reputation.”
Because of its openness and friendliness, Portugal has the world’s fifth strongest passport. The Nomad stated, “Portuguese citizens are also highly welcomed around the world and enjoy visa-free travel to countries like South Africa that other citizens of the European Union do not.” Additionally, Portugal warmly welcomes expats with high levels of English proficiency and a tax exemption program.
The passport of Germany, a high-tech, heavily industrialized economy with a strong work ethic, is at number six on the list.
According to the consulting firm
Germany has the fourth-largest economy in the world and is frequently referred to as the “engine of Europe.”
It is also the most populous nation in Europe. Consequently, German passports grant a high degree of freedom of travel; however, the tradeoff is higher taxes than those of many of its European neighbors; fortunately, leaving the German tax system is relatively simple.
Czech Republic’
This year, the Czech Republic’s passport, which has been in the top 10 for four years in a row, is at number seven. With its rich culture, the Czech Republic is a popular destination for expats. The nation joined the EU in 2004, and it is situated in the middle of Europe.
“Czech identification holders, in this manner, partake in a serious level of movement opportunity. Additionally, you can take advantage of a significant degree of tax freedom if the appropriate structure is in place.
New Zealand
New Zealand, a newcomer to the top ten, follows the Czech Republic. The country’s warm climate, laid-back nature, and cinematic landscapes make it as popular with expats as ever.
“While the government instituted stringent lockdowns during the epidemic, residents now usually enjoy a substantial degree of personal freedom within the country with an equivalent level of travel freedom abroad,” according to Nomad.
Sweden’s passport and Finland’s passport
Sweden’s passport, which was joint second last year, is now the ninth most powerful in the world.
“Sweden continues to enjoy a seven-year run as one of the top ten passports. This is because of the country’s excellent international reputation and the extensive personal and travel freedoms it provides, but it comes at the expense of extremely high taxes.
Finland’s passport is the tenth-last one on the list.
Despite stricter tax laws for expats, Finland, which was rated #1 only a few years ago, still offers visa-free travel to numerous countries.
Pakistan ranking
Pakistan’s ranking: Pakistan’s is number 195 out of 199 passports ranked by the company.
“The Pakistan passport ranking is calculated by relying on the Pakistan government’s approach not only to travel but also to international taxation laws, global perception, dual citizenship, and personal freedom as just the number of countries a Pakistan passport holder can visit won’t tell the whole story and you will have to deal with far different requirements to pay tax, live freely, comply with regulations, and avoid scrutiny when traveling,” the company stated. “