[ad_1]
The UAE has new visa-free travel privileges and no income tax which makes it the most valuable passport unlike the US which has high taxes
passport holder united arab emirates Now has the most powerful ticket in the world, according to a new study.
nomadic capitalistA tax and immigration consulting firm, ranks the value of passports in nearly 200 countries based on five factors: availability of visa-free travel, taxation of residents living abroad, perceptions, availability of dual citizenship and personal freedom.
The UAE has new visa-free travel privileges and no income tax, making its passport the most valuable.
The United States came close to the bottom of the list at 43rd, largely because it taxes citizens living abroad. The UK also ranks 30th and Australia 39th.
Jovana Vojinovac, director of operations and sales, told CNBC that the UAE is a “winner of the decade” because it has “added 106 visa-free countries in the past decade” and is a “zero-tax country.”
She added: “If you’re a U.S. citizen, you could theoretically live on the moon, and you’d pay U.S. taxes.”
Vojinovac said her clients have been wary of the UAE in the past because it is a predominantly Muslim country, and she said some people confuse the UAE with Saudi Arabia.
But slowly, people started to realize that it has “very lenient visa policy, very welcoming of foreigners, welcoming of investment…it’s almost becoming the destination of choice for most people doing crypto business.”
However, Western countries have many strict laws. The British government website states that there is zero tolerance for drug-related violations.
It also said residents of Dubai would still need an alcohol license, but residents of Abu Dhabi and other emirates (except Sharjah) would no longer need an alcohol license to buy alcoholic beverages for personal consumption.
Women must dress modestly and cross-dressing is illegal. Swearing and making rude gestures (including online) are considered obscene and offenders could be jailed or deported. All same-sex sexual activity is illegal and same-sex marriage is not recognized.
The most influential factor is the availability of visa-free travel, but they also look at how well people are taxed, perceptions of the country, the availability of dual citizenship, and the personal freedoms enjoyed by residents.
It assigns the lowest points to counties that tax citizens no matter where they live — like the United States. Countries that allow citizens to relocate to avoid taxation score a score of 20 to 30, countries that do not tax foreign income score a score of 40, and countries with zero taxes score a score of 50.
Countries that strictly prohibit dual citizenship, like China, scored 10 points, while those that allowed naturalization scored 50 points.
[ad_2]
Source link