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Tuesday, May 30, 2023

This is the world’s ‘most powerful passport’

A representative image of a passport. — clip art library

this United Arab Emirates (UAE) The passport was named the most powerful in the world by offshore consultancy Nomad Capitalist in its annual list.

According to Nomad, the UAE, which entered the top 10 for the first time this year, jumped straight to the top spot from its 35th passport last year.

The jump was largely due to recent changes allowing foreigners to apply for dual citizenship. Combining the travel freedom offered by the UAE passport with the country’s business-friendly environment and enviable tax regime, the UAE tops the list in 2023.

The UAE is followed by the Luxembourg passport, which has held the top spot for the past two years.

“This small but prosperous European Union The (EU) member state offers a high degree of freedom to its citizens,” Nomad said. “It also has excellent passport recognition. Fortunately, recently becoming a naturalized citizen has become easier for expats living there. “

It is followed by Switzerland, one of only three non-EU countries in the top ten. “Swiss citizens enjoy a high level of freedom and privacy. The country has moved up from fifth to third place this year,” said Nomad.

“Additionally, the country’s renowned neutrality ensures that Swiss nationals remain among the world’s most respected travelers.”

The fourth passport on the list is an Irish passport. The country has one of the lowest corporate tax rates in Europe, while its passport has one of the highest visa scores.

Ireland’s “good reputation” makes traveling for Irish citizens generally hassle-free, Nomad said, adding, “While Ireland is not part of Europe’s Schengen area, it is a member of the Common Travel Area (CTA) which means free travel to the UK and have the right to work in the UK.”

Portugal is the fifth most powerful passport in the world because the country is open and friendly. “Portuguese citizens,” says Nomad, “are also highly welcomed around the world, and they can travel visa-free to countries like South Africa, while other EU citizens cannot. Portugal also welcomes expats warmly, with a high level of English fluency, plus favorable tax exemptions plan.”

Sixth on the list is the passport of Germany, a high-tech and highly industrialized economy with a strong work ethic.

Often referred to as the “engine of Europe”, Germany is the EU’s largest economy and the world’s fourth-largest, the consultancy said.

“It’s also the most populous country in Europe. A German passport therefore confers a high degree of freedom to travel, although the trade-off comes in the form of higher taxes than many of its European neighbours, though thankfully leaving the German tax system relatively simple.”

Passport of the Czech Republic, which has been in the top 10 for the fourth year in a row, ranks seventh this year. “The Czech Republic is a popular expat destination with a rich culture. Located in the center of Europe, the country joined the European Union in 2004.

“Therefore, Czech passport holders enjoy a high degree of freedom to travel. Also, with proper structuring, you can also enjoy a considerable degree of freedom in taxation.”

After the Czech Republic is a newcomer to the top 10 – New Zealand, where a warm climate, easy-going nature and cinematic landscapes help ensure the country remains as popular with expats as ever.

“Despite the country’s strict lockdown during the pandemic, citizens today typically enjoy a considerable degree of personal freedom at home and the same degree of freedom to travel around the world,” Nomad said.

The ninth-ranked passport in the world is Swedish, having tied for second last year.

“Sweden remains in the top ten passports for the seventh year in a row. This is due to the country’s global reputation and high levels of personal and travel freedom, but this comes at the cost of extremely high taxes.”

The last passport in the top ten is Finland.

FinlandThe country, which was also ranked No. 1 a few years ago, still offers visa-free travel to many countries, but stricter tax policies for expatriates lowered the country’s score.

Pakistan’s ranking

Pakistan ranks 195th out of 199 passports ranked by the company.

“The ranking of the Pakistani passport relative to other global passports is calculated based on the practices of the Pakistani government, not only in terms of travel, but also in terms of international tax laws, global awareness, dual citizenship and personal freedom, as the countries that Pakistani passport holders can visit The amount the company says doesn’t tell the whole story and you’ll have to deal with vastly different requirements, including paying taxes, living freely, complying with regulations and avoiding scrutiny when traveling.”

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