The UAE passport has been ranked as the most powerful passport in the world, according to Nomad Capitalist, a tax and immigration consultancy.
The UAE has shown significant progress by elevating more than 30 places from its previous year’s position and securing the top rank in the 2023 passport index.
Most powerful passport in the world
The passport index evaluates 199 passports worldwide and has awarded the UAE with the top rank due to the country’s recent measures that enable non-nationals to apply for dual citizenship.
This policy has helped the UAE score the highest points in the index.
Nomad Capitalist stated that the UAE’s leading position in the passport index can be attributed to several factors.
The country’s passport offers considerable travel privileges, and the new residency reforms implemented by the UAE, coupled with its business-friendly atmosphere and “enviable” tax system, have further elevated its ranking in the index.
“The UAE has entered the top ten for the first time this year, jumping straight to number one from 35th last year,” the consultancy said.
Passport rankings
Nomad Capitalist’s passport rankings differ from other rankings as they take into account several parameters, including visa-free travel, international taxation regulations, global reputation, dual citizenship and individual liberties.
The ratings are not solely based on travel freedom but a comprehensive evaluation of various factors.
The UAE government made an announcement in January 2021 that it would permit investors, specialized professionals and talented individuals, such as scientists, doctors, engineers, artists, authors and their families to apply for UAE citizenship.
Even though European nations continue to dominate the rankings, the UAE has secured the top position in the latest passport index.
Luxembourg and Switzerland jointly hold the second position, while Ireland and Portugal are in fourth place.
Germany and the Czech Republic share the sixth spot in the index. New Zealand has attained the eighth rank, and Sweden, Finland, and the Netherlands are placed in the ninth position.
Nomad Capitalist has prepared the passport index rankings after evaluating data from almost 20 distinct sources, which have been combined to create an aggregated score.
Visa-free travel
The consultancy has prioritized the parameters it considers crucial for citizens and potential citizens of each country while developing the index.
At least five factors were taken into account in assigning scores to each country in the passport index.
These factors include visa-free travel, which holds a 50% weightage in the rankings, taxation of citizens (20%), perception (10%), dual citizenship (10%) and personal freedom (10%).
tanvir@dubainewsweek.com
