Many passport rankings emphasize visa-free travel, but Nomad Capitalist offers a more comprehensive approach. Their weighted index considers:
1. Visa-free travel (50%)
2. Taxation (20%)
3. Global perception (10%)
4. Ability to hold dual citizenship (10%)
5. Personal freedom (10%)
The 2024 Nomad Passport Index recognizes that passport strength encompasses various factors beyond travel access. This year’s ranking reveals the world’s best passports, with Switzerland securing the top spot, closely followed by Ireland and Portugal.
Switzerland was ranked top in this year’s ranking followed by Ireland and Portugal.
“A slight corporate tax adjustment in Ireland was more than offset by its top scores for travel and global perception,” according to Nomad Capitalist’s team research. “Portugal tied with Ireland in all but personal freedom, emphasizing its steady appeal. Meanwhile, Finland, renowned for its extensive visa-free travel options, now holds the fourth position, underscoring the significance of global accessibility.”
However, the “notable development” is observed in the United Arab Emirates.
While the UAE held the top position in 2023, it slipped to a sixth-place tie this year alongside countries like the Netherlands, Germany, and New Zealand, according to the research team. This decline was attributed to a change in UAE tax policy affecting domestic and overseas company owners, including residents with foreign company ownership.
Bulgaria is highlighted as one to watch, with its passport rising from 42nd to 32nd place in the index over two years, primarily due to its imminent entry into Europe’s Schengen zone by late March.
Hong Kong experienced a decline from 44th place in 2022 to 50th place this year, while Macao ranks 69th and China occupies a much lower position at 120th place. The full list of the same is available on Nomad Capitalist’s website.
Although many are interested in comparing their passports with those of their global peers, Nomad Capitalist clarifies that this is not the primary purpose of the annual ranking.
The company aids individuals in obtaining second or even third citizenship, commonly referred to as a “passport portfolio,” explained company CEO Andrew Henderson. Many pursue this option to minimize their tax liabilities or establish a backup residency plan.
