What makes one passport more powerful than another? The best-known passport ranking, from London-based investment migration consultancy Henley & Partners, focuses solely on visa-free travel.

Essentially, the more countries a citizen can visit without a visa, the better. In that ranking, six nations—France, Germany, Italy, Japan, Singapore and Spain—tie for the top position, with 194 visa-free destinations apiece.

But Dubai-based immigration and tax consulting firm Nomad Capitalist believes evaluating passport strength is far more complicated.

“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 traveling,” according to the 2024 Nomad Capitalist Passport Index, which weighs five criteria: visa-free travel (50%), taxation of citizens (20%), global perception (10%), dual citizenship (10%) and personal freedom (10%).

In Nomad Capitalist’s eighth annual ranking, all of the top five passports and eight of the top 10 belong to European nations.

Switzerland jumped from No. 3 last year to take the top spot in 2024, with Nomad Capitalist noting the country’s “exceptionally high levels of liberty and privacy.” Furthermore, “the country’s neutrality ensures that Swiss nationals remain some of the most respected travelers in the world, while its dual citizenship laws ensure that expats can access their own slice of Swiss Bliss.”

Jumping up a spot to No. 2 this year, Ireland stands out for its high passport visa scores, and its “excellent international reputation makes traveling as an Irish citizen generally hassle-free. The No. 3 spot goes to Portugal, whose “citizens are widely welcomed around the world, enjoying visa-free travel to countries like South Africa that other European Union citizens don’t,” according to Nomad Capitalist.

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