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Time of India
06-06-2025
- Business
- Time of India
UAE Golden Visa vs top EU residency programs (Portugal, Greece, Malta & more): which one works best for you?
For those seeking global mobility, financial security, or a second home, Golden Visa and Citizenship by Investment programs open doors to new opportunities. Whether it's residency in Europe, business expansion in the UAE, or access to visa-free travel worldwide, these programs offer fast tracks to long-term benefits like tax advantages, business opportunities, and even citizenship. Tired of too many ads? go ad free now What is a Golden Visa? A Golden Visa is a residency-by-investment program allowing foreign investors to obtain legal residency by making qualifying investments. These programs, closely tracked and ranked by leading firms like Henley & Partners and Nomad Capitalist,appeal to entrepreneurs, investors, and professionals looking for greater mobility, better business climates, or a potential path to citizenship. Most require investments in real estate, government bonds, or funds. Europe's Golden Visas offer access to the Schengen Zone, allowing travel across 27 countries, while the UAE's program offers residency in a fast-growing, tax-friendly global hub. Let's start with the UAE's Golden Visa and then dive into a detailed face-off against Europe's top programs: Portugal, Greece, Hungary, Italy, Malta, and Cyprus. UAE Golden Visa breakdown Investment Requirements: 10-year visa: purchase property worth at least AED 2 million (~$545,000). Partial financing allowed with a minimum 20% down payment. 2-year visa: property purchase of AED 750,000 (approximately $204,000). For joint ownership with spouse, minimum AED 1 million (approximately $272,000). Mortgage buyers must pay 50% upfront for the 2-year visa. Residency Terms & Flexibility: Valid for 10 years, renewable indefinitely. No minimum stay required—residents can live abroad indefinitely without losing status. Freedom to live, work, and study across all seven emirates. Family members included: spouse, unmarried sons under 25, and unmarried daughters of any age. Taxation: No personal income tax, no inheritance tax, no capital gains tax, no property tax. Corporate tax of 9% applies only on profits over AED 375,000 (~$102,000). No global income taxation. Lifestyle & Infrastructure: Safe cities with world-class infrastructure. Direct flights to major hubs worldwide. Diverse expatriate community, with strong cultural and business ties to India and beyond. Popularity & Growth: Launched in 2019. In 2023, 158,000 Golden Visas issued by Dubai's GDRFA, up from 79,617 in 2022 and 47,150 in 2021—indicating rapid growth. Portugal Golden Visa Investment Options (minimum amounts): €250,000 (~$278,000) for arts and cultural heritage restoration. €500,000 (~$555,000) for investment fund units (most popular). €500,000 (~$555,000) for research activities. €500,000 (~$555,000) for business investment (minimum 5 jobs created). Company creation with minimum 10 jobs (variable investment amount). Residency & Citizenship: Residency permit renewable every two years. Minimum physical presence: 7 days per year to maintain residency. Citizenship eligibility after 5 years. Allows travel across Schengen Area visa-free. Family Benefits: Spouse, children under 26, and parents can be included. Taxation: Portugal taxes residents on global income, but non-habitual resident regime offers tax benefits for 10 years. Popularity: Over 33,000 permits issued since 2012. Popular among Chinese, Brazilians, Americans, Turks, and South Africans. UAE vs Portugal: Verdict Factor UAE Golden Visa Portugal Golden Visa Winner Investment Cost ~$545,000 (real estate) From ~$278,000 to $555,000 (varies by option) Portugal (lower minimum option) Residency Stay None required Minimum 7 days/year UAE (more flexible) Citizenship Timeline No direct citizenship path Citizenship in 5 years Portugal Taxation No personal income tax Taxed on global income (with exceptions) UAE Family Inclusion Spouse + unmarried children Spouse + children + parents Portugal Processing Speed As fast as 1 month Varies, generally slower UAE Lifestyle Tax-free, Middle East hub Access to Schengen Europe Depends on preference Overall Winner: Depends on goals. For fast, flexible residency and tax advantages, UAE leads. For a pathway to European citizenship with low stay requirements, Portugal is attractive. Greece Golden Visa Investment Options: €800,000 (~$888,000) minimum real estate in Attica, Thessaloniki, Mykonos, Santorini, or islands with >3,100 residents. €400,000 (~$444,000) minimum in other regions. €250,000 (~$278,000) minimum for renovation projects. Other options: shares, bonds, deposits (from €350,000 to €800,000). Residency & Citizenship: Permanent residency with no stay requirement. Citizenship after 7 years with 183+ days/year residency. Family Benefits: Spouse, children under 24, and parents included. Taxation: Special flat tax regime for foreign tax residents: €100,000 ($111,000) per year global income tax flat rate; family members pay €20,000 ($22,000) each. Popularity: Nearly 50,000 permits issued since 2014. UAE vs Greece: Verdict Factor UAE Golden Visa Greece Golden Visa Winner Investment Cost ~$545,000 From ~$278,000 to $888,000 depending on location UAE (lower minimum, but variable) Residency Stay None required None required Tie Citizenship Timeline No direct citizenship path 7 years, with stay requirement Greece Taxation No personal income tax Flat tax option for foreigners UAE (simpler) Family Inclusion Spouse + children Spouse + children + parents Greece Processing Speed ~1 month Varies, generally longer UAE Lifestyle Tax-free, global hub Access to EU & Schengen Depends on preference Overall Winner: UAE for tax simplicity and speed; Greece for cheaper investment options and EU benefits, but requires longer stay for citizenship. Hungary Golden Visa (launched 2024) Investment Options: €250,000 (~$278,000) purchase of real estate fund units. €1,000,000 (~$1.11 million) donation to higher education institution. Residency & Citizenship: 10-year validity with no renewal needed. Extendable once for 10 more years. Citizenship after 11 years of continuous residence. Family Benefits: Spouse, children under 25, and parents. Taxation: Income tax at 15%, corporate tax at 9% (lowest in EU). Popularity: Hungary's 2024 Golden Visa attracted 100+ applicants, with 11 approved by September. UAE vs Hungary: Verdict Factor UAE Golden Visa Hungary Golden Visa Winner Investment Cost ~$545,000 From ~$278,000 to $1.11 million UAE (lower entry point) Residency Stay None required Continuous residence for citizenship UAE (flexible), Hungary (citizenship path) Citizenship Timeline No direct citizenship path 11 years Hungary Taxation No personal income tax Flat income tax 15% UAE Family Inclusion Spouse + children Spouse + children + parents Hungary Processing Speed ~1 month Unknown, likely slower UAE Overall Winner: UAE for tax and speed; Hungary for lower taxes than much of Europe and a clear citizenship path. Italy Golden Visa Investment Options: €250,000 (~$278,000) innovative startup. €500,000 (~$555,000) business investment. €1,000,000 (~$1.11 million) philanthropic donation. €2,000,000 (~$2.22 million) government bonds. Residency & Citizenship: No minimum stay required for residency. Citizenship after 10 years with 183+ days/year residency. Family Benefits: Spouses, unmarried children of any age, and parents. Taxation: Special flat tax of €200,000 (~$222,000) per year on foreign income for up to 15 years. UAE vs Italy: Verdict Factor UAE Golden Visa Italy Golden Visa Winner Investment Cost ~$545,000 From ~$278,000 to $2.22 million UAE (lower entry) Residency Stay None required No requirement, but citizenship needs 183 days/year UAE (flexible) Citizenship Timeline No direct citizenship path 10 years Italy Taxation No personal income tax Flat tax for foreigners Depends (UAE simpler, Italy special regime) Family Inclusion Spouse + children Spouse + children + parents Italy Overall Winner: UAE for flexibility and lower minimum; Italy for long-term tax benefits and citizenship. Tired of too many ads? go ad free now Malta Permanent Residence Programme Investment Requirements: Property rental minimum €14,000 ($15,500/year) or purchase minimum €375,000 ($416,000). Fixed administrative fee: €50,000 (~$55,000). Donation: €2,000 (~$2,200). Contribution fee: €30,000 $33,000 (purchase) or €60,000 (rental). Total cost from approximately €182,000 $202,000 for the rental option to €457,000. for purchase. Residency & Citizenship: Lifetime residency rights. Citizenship possible but through a separate process (naturalization). Family Benefits: Includes spouses, children under 29, parents, and grandparents. Popularity: Approved 7,567 applications (2015–2021); 1,500 new in 2024, mainly from China, Vietnam, Russia, South Africa, and Turkey. UAE vs Malta: Verdict Factor UAE Golden Visa Malta Permanent Residence Winner Investment Cost ~$545,000 (real estate) ~$202,000 (rent) to $507,000 (purchase) Malta (rental option cheaper) Residency Stay None required Must maintain property ownership UAE Taxation No personal income tax Taxed on global income UAE Family Inclusion Spouse + children Extended family included Malta Citizenship Timeline No direct citizenship path Separate process UAE Overall Winner: UAE for simplicity and tax; Malta for wider family inclusion and European access. Cyprus Permanent Residence Investment Options: Minimum €300,000 (~$333,000) in residential/commercial real estate, shares, or funds. Residency & Citizenship: Lifelong validity with no renewal required. Citizenship after 8 years continuous residence. Family Benefits: Spouse and children under 25 included. Taxation: No tax on global income or inheritance. Corporate tax rate 12.5%. UAE vs Cyprus: Verdict Factor UAE Golden Visa Cyprus Permanent Residence Winner Investment Cost ~$545,000 ~$333,000 Cyprus Residency Stay None required Not specified (citizenship requires 8 years) UAE (more flexible) Citizenship Timeline No direct citizenship path 8 years Cyprus Taxation No personal income tax No global income tax Tie Family Inclusion Spouse + children Spouse + children Tie Overall Winner: Cyprus for lower minimum and citizenship timeline; UAE for flexibility and tax simplicity. Bottomline: Which Golden Visa Fits your goals? Choose UAE Golden Visa if you want: Flexible residency with no minimum stay. Fast processing and long 10-year visa. No personal income tax or global income taxation. A global business hub with easy family inclusion. Choose European Golden Visas if you want: Access to Schengen Zone and Europe's lifestyle. A path to European citizenship (Portugal, Greece, Cyprus, Italy). Lower minimum investments in some countries (Portugal, Hungary, Cyprus). Special tax regimes for foreigners (Italy, Greece). Each program has unique strengths. The UAE stands out for tax benefits and residency flexibility, while Europe offers citizenship and visa-free travel across multiple countries. Your choice depends on investment capacity, desired lifestyle, tax considerations, and citizenship ambitions.
The Star
03-06-2025
- Health
- The Star
M'sia leads medical tourism charge
PETALING JAYA: From the Maldives to mainland China, foreigners are drawn to the world-class healthcare offered by private hospitals in the country, says Association of Private Hospitals Malaysia president Datuk Dr Kuljit Singh (pic). Apart from being cost-effective, these foreign patients were keen on the transparent healthcare plans offered by Malaysian private hospitals, he said. Another plus factor for them was the ease of communication as English is widely spoken, he said in an interview. Last Wednesday, the Health Ministry announced that Malaysia has been ranked as the top destination for medical tourism based on quality, infrastructure, cost-effectiveness and ease of access by Nomad Capitalist, a Dubai-based wealth consultancy firm. Health Minister Datuk Seri Dr Dzulkefly Ahmad said in a Facebook post that Malaysia's medical tourism sector generated about RM2bil in revenue in 2023, with 1.3 million foreigners seeking treatment in the country. Dr Kuljit told The Star that foreign nationalities who sought treatment are mainly from Indonesia, China, Bangladesh and the Maldives. The rest are from Europe and the United States. 'We are way more affordable compared to our neighbouring countries and far cheaper than western countries,' he said, estimating that foreign patients seeking treatment in Malaysia would be paying 20% to 50% lower than elsewhere. 'For those from the US, the savings could be up to 70% compared to what they would need to fork out in their own country.' He said foreign patients seek a variety of treatments ranging from simple health screening to sophisticated interventions. Dr Kuljit said that being a predominantly Muslim country was also advantageous as it was a plus point for Muslim patients. 'Another factor that has earned the trust and confidence of international patients are Malaysia's strict healthcare standards and accreditation with global medical bodies. 'They are treated with care and only discharged when they are fit to leave the facility,' he added. However, while medical care is seamlessly rendered, Dr Kuljit acknowledged that the biggest challenge private hospitals face is inadequate capacity for inpatients. 'A shortage of manpower such as nurses is an issue,' he said. Furthermore, he said restrictions and conditions imposed on private hospitals that curtail healthcare costs can prove to be a hindrance to the growth of medical tourism. But in the long term, he said Malaysia's future as a medical tourism hub remains bright as the projected number of patients exceeds targets annually. 'I am confident that Malaysia's reputation as one of the leading medical tourism destinations in the world will only continue to grow in leaps and bounds as private hospitals in Malaysia remain committed to delivering reliable, world-class care to Malaysians first and foremost and to the rest of the world,' he added. Dr Kuljit said Malaysians no longer need to travel abroad in search of premium healthcare. 'However, these advantages are sometimes overlooked by Malaysians and lead to a misunderstanding of the role of private hospitals. There is a mistaken notion that the services offered are medical tourism-oriented and solely driven by profit,' he said. He explained that private hospitals strive to improve continuously to meet world-class standards that benefit both the local population and medical tourists. Asked if private hospitals would extend their services to low-income Malaysians as part of their corporate social responsibility since they have earned revenue from medical tourism, he said such initiatives will be further enhanced if private hospitals managed to increase capacity. 'We are happy to work with the public healthcare system and conduct such programmes but we need to have greater capacity and manpower,' he said.
Forbes
31-05-2025
- Business
- Forbes
Argentina To Launch New Citizenship Program: Here's What You Need To Know
Overlooking the Buenos Aires skyline at sunset. Argentina is preparing to launch a new citizenship-by-investment program, drawing interest from expats and global investors. getty More and more Americans are dreaming of moving abroad. Whether it's to escape the current political situation, for better work-life balance or just the thrill of a new adventure, there's a booming demand for second passports and long-term visas. While some countries offer citizenship after years of residency, a handful will give you a passport in exchange for investment. Now, Argentina—one of the most affordable countries to live—is getting in on the action. The South American country is rolling out a new citizenship-by-investment (CBI) program that will help make it easier for foreigners to get citizenship there. According to Isabela Schrotke, research team lead at Nomad Capitalist, the program will require a minimum investment of $500,000 in sectors like technology, agribusiness, energy or tourism. It is expected to launch by the end of 2025 or early 2026. 'The focus is on job-generating contributions—not real estate or donations,' Schrotke told me in an interview. 'Two executive decrees are being drafted to create a solid legal and administrative structure that avoids future court challenges.' Unlike Argentina's traditional path to naturalization—which requires two years of permanent residency—the new citizenship-by-investment route would offer investors a direct line to citizenship. And there's real value to being an Argentinian citizen: 'The lifestyle is culturally rich, affordable and has a strong European feel, especially in cities like Buenos Aires,' says Schrotke. A street scene in Palermo Hollywood, one of Buenos Aires' trendiest neighborhoods—known for its café culture and buzzing nightlife. getty Thanks to its café culture, walkability, thriving arts scene and European-style architecture, Buenos Aires often tops lists of the best cities in Latin America for expats. Outside the capital, regions like Mendoza and Bariloche also offer expat appeal. Another perk: 'Argentine citizenship gives you visa-free access to 172 destinations and the right to live and work in all Mercosur countries,' says Schrotke. The Mercosur countries include Argentina, Brazil, Paraguay, Uruguay and Bolivia. Plus, there are several other associated countries including Chile, Colombia and more. The launch of the program coincides with a broader economic transformation under President Javier Milei, who was elected in December 2023. In just over a year, Milei has lifted currency and capital controls, cut inflation and posted a budget surplus. "Argentina's past is turbulent, but current reforms are aimed at stability,' says Schrotke. 'Inflation is down, investor sentiment is improving and the program is part of a broader economic repositioning.' International Living correspondent David Hammond is enthusiastic about the new opportunity. 'So many times I've heard people say, if Argentina ever got its political and economic act together, it could rank among the best places in the world to live and invest,' Hammond wrote in a recent article. 'With reforms in place, financial barriers removed and international backing secured, this could be the most accessible and potentially profitable time to explore Argentina in decades.' Not everyone agrees. Jen Barnett, founder of Expatsi—which helps Americans find places to live abroad—is skeptical. 'I don't think Argentina is a safe choice in its current political climate that includes a recent incident where lesbians were set on fire, not to mention out-of-control inflation,' Barnett told me in an interview. 'We recommend Uruguay instead, which is a stable democracy that eliminated laws against homosexuality in 1934.' Taking in the natural beauty of Patagonia, one of Argentina's most awe-inspiring regions. With the soon-to-launch citizenship-by-investment program, the country is drawing new interest from nature lovers and investors alike. getty And Ted Baumann, chief of global diversification at International Living, calls Argentina's new approach a sharp pivot. 'Whereas before Argentina was relatively open to immigrants up and down the economic spectrum, now it appears to be narrowing those opportunities in favor of those with wealth and skills,' Baumann told me in an interview. Baumann says that Argentina will need to work hard to attract high-net-worth individuals, given its remote location and political unpredictability. 'There are numerous opportunities for people with half a million dollars to invest, and Argentina will have to compete hard to find its place in the CBI world,' he says. 'The country has great natural beauty and a European cultural flare. But it has two drawbacks from an international migration perspective. First, it's a long way from the centers of action. In terms of time zones, it's accessible to the U.S. East Coast, but anybody who needs to travel for business is going to have to get used to long haul flights if they settle there.' The political issue is much more consequential. 'Argentina has a history of significant sociopolitical and economic instability,'says Baumann. 'If the world goes into a global recession, Argentina could be hit hard.' And there are other issues to consider: 'Dual citizenship is allowed in Argentina without major restrictions. However, once naturalized, you are legally considered fully Argentine within the country, and the citizenship is permanent and cannot be renounced,' says Schrotke. 'This could carry legal or tax implications depending on your other nationality.' Whether this new program becomes a true game changer remains to be seen. But one thing is certain: For anyone dreaming of a new life abroad, Argentina is a country to watch. Golden hour in Mendoza's wine country—just one of the many regions that make Argentina a compelling destination for expats and investors. getty When will the program launch? Late 2025 is the earliest expected timeline, with early 2026 also a possibility depending on implementation. How much do I need to invest? A minimum of $500,000 in approved sectors such as technology, agribusiness, energy or tourism. Can I invest in real estate? No. The government has specifically excluded real estate and donations from qualifying investments. Do I need to live in Argentina? No residency is required under this program. That's one of the major differences from Argentina's traditional two-year path to citizenship. Does Argentina allow dual citizenship? Yes, but once you are naturalized, you are considered fully Argentine in the eyes of the law, and citizenship cannot be renounced. What are the risks? The country has longstanding oolitical and economic volatility, plus potential shifts in policy. And there are legal and tax implications tied to permanent citizenship status. Who is this program best for? Entrepreneurs and active investors looking to engage with Argentina's economy. It is not intended for remote workers or passive citizens.
Daily Mirror
18-05-2025
- Daily Mirror
Beautiful Spanish seaside town named best place for expats to live
A city in the Costa del Sol has been named the top destination for expats considering a move to Spain, highlighting its easy-going lifestyle and excellent weather A new ranking has named this seaside town the best place for expats to settle down in Spain. Beating out cities like Barcelona and Madrid, this destination topped Nomad Capitalist's ranking thanks to its convenient access to the sea and the 'relaxed lifestyle' of residents. Malaga sits in the heart of Spain's popular Costa del Sol, which has been a hub for holidaying Brits for years. The beaches are the biggest draw of the region, with miles and miles of sandy shores - many of which are dog-friendly - and pristine waters. The city centre of Malaga is "lively and a cultural hub" according to Nomad Capitalist, but the if you're looking for something a bit quieter, the villages east of the capital might be a better fit. Villages in the province of Malaga like Frigiliana are tranquil and filled with whitewashed houses in the classic Andalusian style. The weather and superior transport in Malaga compared to other Spanish destinations are other factors that contributed to its top ranking. Though Malaga did experience a freak hail storm this past March, the result of Storm Martinho. While the merits of Malaga are certainly bountiful, it's important to note that housing shortages and the impacts of over-tourism have caused tensions to grow between locals, foreigners and city councillors. In April 2025, mass demonstrations overtook 42 cities across Spain including Malaga to draw attention to soaring rental prices and housing shortages. The clear and defiant message seems to have resonated with the Malaga City Council, which reportedly cancelled plans to build 1,300 tourist homes in the city. The new city strategy will veer away from property sales to non-Spaniards, considering a ' total ban ' altogether. Malaga City Council has already worked to introduce new measures to curb the construction and acquisition of tourist housing after growing animosity from locals in recent years. But after recent protests and the projected plans for a summer of tourist disruption, Mayor De La Torre said 'a global moratorium' is under consideration. Despite the growing tensions, Malaga remains one of Spain's top tourist destinations, attracting around 14 million visitors last year. And while it tops Nomad Capital's list of the best expat destinations in Spain, they emphasise that there is no one single Spanish city ideal for all expats. While Malaga may be best for sunbathers, Barcelona is ideal for foodies and Granada has proved to be an excellent based for winter sports enthusiasts. You can find the full ranking of the Top 11 Spanish expat destinations below. The top 11 Spanish destinations for expats Malaga Sotogrande Madrid Barcelona Seville Valencia San Sebastian Granada Bilbao Ibiza Zaragoza
Forbes
09-05-2025
- Business
- Forbes
New Nomad Index Sheds New Light On World's Most Powerful Passports
Ranking almost anything is always subjective, but when it's something on the scope and scale of the world's most powerful passports, it's hard to invest fully in only one source. Such is the case here, where consulting firm Nomad Capitalist creates its annual Nomad Passport Index (NPI) of the world's 199 citizenships based on five different factors looking through the eyes of global investors and entrepreneurs. Is the world your oyster? It depends on your passport… The 2025 NPI ranking is its ninth. The five factors it employs that define its methodology use aggregated data from nearly 20 sources and are weighted slightly differently: Using government data from 199 passport-issuing countries and territories, combined with real-time intelligence and proprietary research. This factor includes a MobilityScore measuring ease of travel, which focuses on visa-free travel, visa on arrival, and eTA and eVisa (if issued within three days). Based on data from Nomad Capitalist's network of tax vendors, news sources and tax authorities. They assigned the lowest score of 10 to countries that tax citizens no matter where they live (e.g. U.S.); scored 20 or 30 to countries that allow citizens to relocate to avoid tax (e.g. Finland); scored 40 for those that don't tax foreign incomes of resident citizens (e.g. Panama); and scored 50 for countries with zero tax (e.g. Vanuatu). Based on the World Happiness Report, the Human Development Index and subjective factors from the Nomad Capitalist network's experiences to determine how each country's citizens are received and recognized. Using embassy data and their network experiences to assess the ability to hold dual citizenship ranging from a score of 10 for strictly forbidden (e.g. China) to a score of 50 for freely allowed (e.g. Canada). Based on data and news reports about mandatory military service, government surveillance, press freedom and other factors to determine the personal freedom of citizens, travellers and expats, with scores ranging from 10 for least freedom to 50 for most. While some of these factors are undoubtedly interpretive and based on experience as much as data, this approach, claims the report, takes it beyond rankings that focus solely on visa-free travel: 'While most indices – and most people – think of a passport only in terms of travel privileges, we understand that citizens of different countries deal with very different requirements to pay tax, live freely, comply with regulations and avoid scrutiny when travelling. In that regard, the number of countries a passport holder may visit does not tell the whole story. The Nomad Passport Index speaks to those seeking personal freedom and financial prosperity in a changing world, offering a deeper analysis of the true value of each passport.' Tax friendly, freedom to live and travel across Europe, and views for days. Why wouldn't you move to Ireland? While the 2025 Henley Index points to Singapore as 2025's most powerful passport, the NPI instead places Ireland firmly atop the global ranking. Looking back over previous NPI rankings it's clear to see Ireland has been in a long rivalry with Switzerland for the top spot. These two neutral nations have often dominated the rankings with consistent top marks for perception, dual citizenship and freedom while also ranking very highly for visa-free travel and taxation. This year a slight boost in Ireland's mobility score coupled with a slight dip in Switzerland's saw them swap places from their 2024 standings. Ireland has certain unique advantages that also add to its appeal. Entrepreneur-friendly tax policies, ease of travel, and fast-track citizenship options are great, but the right to live and work across the EU as well as the UK places it in a truly unique position post Brexit. Greece has made big moves up the NPI rankings. Sunsets like this are just the icing on the cake. Occupying second spot alongside Switzerland is Greece, which has leapt four places from last year's ranking. The NPI attributes this to its 'rising prominence in EU migration, investment and tax discussions, along with the expansion and streamlining of its tax incentive programs [introduced in late 2024],' that have, 'significantly enhanced its appeal among global citizens over the last 12 months.' Greece's jump up the rankings has bumped Portugal down to fourth, even though this sun-drenched slice of Iberia has actually improved its overall score. Beyond its glorious weather, Portugal remains a global favourite with visa-free access to destinations like South Africa and one of Europe's most expat-friendly tax regimes. As the report states, 'For many, it's still the EU's ultimate lifestyle passport.' Taking the fifth spot is Malta, racing up from 14th place last year. This is down to a big jump in its tax score, the result of renewed interest in its non-dom tax regime. This aided by English being its official language, great international connections and the unarguable appeal of the Mediterranean lifestyle make it a smart European base without the added tax burden. Malta making its case as a new base for HNWIs. Rounding out the top five alongside Malta is Italy, climbing thanks to the government's decision to expand the flat tax regime and widen access for high net worth individuals (HNWIs) and retirees looking for simpler tax rules. And it would be remiss to overlook Italy's many, many other qualities, from relatively low cost of living compared to much of Europe to its deep cultural well, quality of life and, of course, the food! Further down the list we come to the United Arab Emirates in 10th place, a significant drop from its position at the top of the list just two years previous. While its score is unchanged over that time, it hasn't improved like myriad other countries around it. In particular the NPI notes that 'the decline stems primarily from recently introduced taxes, signalling a clear shift in attractiveness to global entrepreneurs and raising questions about the UAE's future appeal.' Welcome to miniscule San Marino, whose passport now holds equal power to the mighty U.S. according to the NPI ranking. Elsewhere, Germany has dropped out of the top ten to 13th yet remains eight places clear of the U.K. in 21st. The U.S. meanwhile languishes in a lowly 45th position alongside San Marino, hampered by strict taxation, reduced mobility and a significant drop in personal freedoms and global perception. One area where the NPI does align with the Henley Index is at the bottom of the rankings, where once again we find Afghanistan. With lowest available scores for perception, freedom, dual citizenship and taxation, its citizens enjoy far fewer freedoms than almost any other passport holder. Indeed, only Syria, five places above it in the list, has a lower travel score. Said Nomad Capitalist research associate Javier Correa, 'While there were many winners and some losers, the key takeaway from our new research is that, in today's turbulent times, holding multiple citizenships is no longer a luxury; it is a vital strategy for navigating the modern world. This is the age of global mobility, and the most successful global citizens need to go where they are treated best, with the most comprehensive, up-to-date research at their disposal.' For a comprehensive list and look at the methodology behind this ranking of the world's most powerful passports, read and download the 2025 Nomad Passport Index.
