In 2024, Switzerland will have the most powerful passports.

Many passport rankings focus on one factor: visa-free travel.

According to Nomad Capitalist, passport strength is more intricate than this.

That's why it produces a weighted annual index that analyzes five criteria:

1. Visa-free travel — 50%
2. Taxation — 20%
3. Global perception —10%
4. Ability to hold dual citizenship — 10%
5. The concept of personal freedom encompasses various aspects, including freedom of the press and mandatory military service, among others.

The 2024 Nomad Passport Index highlights that citizens of different countries face varying requirements for paying taxes, living freely, adhering to regulations, and avoiding scrutiny while traveling. While the number of countries a passport holder can visit may provide some insight, it does not fully capture the entirety of the experience.

Best passports in the world

Switzerland topped this year's ranking, followed by Ireland and Portugal.

Here's the top 50 list:

Nomad Capitalist's research team found that Ireland's slight corporate tax adjustment was more than compensated for by its high scores for travel and global perception.

"While Portugal and Ireland are tied in all areas except personal freedom, Finland's emphasis on global accessibility has propelled it to fourth place, highlighting its appeal," it was stated.

But the "standout development" is the United Arab Emirates.

In 2023, the UAE ranked first, but in 2024, it fell to a sixth place tie with countries like the Netherlands, Germany, and New Zealand, according to research. The reason for the drop was a change in UAE tax policy that affected domestic and overseas company owners, including residents with foreign company ownership, the research team stated.

The team predicts that Bulgaria is a country to keep an eye on. Its passport ranking improved from 42nd to 32nd in just two years, mainly due to Bulgaria's upcoming entry into Europe's Schengen zone, which is scheduled for late March, according to the team.

In 2022, Hong Kong was ranked 44th, but this year it fell to 50th place. Meanwhile, Macao moved up to 69th and China dropped to 120th.

The complete list can be viewed at Nomad Capitalist's website.

The annual ranking by Nomad Capitalist is not intended to satisfy people's curiosity about how their passports compare to those of their global peers, but rather to provide valuable information and insights.

Andrew Henderson, CEO of the company, stated that many people obtain multiple citizenships, commonly referred to as a "passport portfolio," to minimize their tax obligations or have a contingency plan for residency.