Portugal’s passport has cemented its position as one of the most powerful worldwide, ranking fourth in the newly published Global Passport Power and Appeal Index 2025.
The result places Portugal far ahead of traditional heavyweights: the United States, now 20th, and the United Kingdom, sitting at 13th. The country’s EU membership, competitive tax rules, and lifestyle advantages have helped drive its surge in popularity among globally mobile high-net-worth individuals (HNWIs).
Measuring More Than Travel
The index—produced by the World Digital Foundation and released in September 2025—takes a broader approach than traditional rankings. It assesses passports on criteria that matter to investors and professionals seeking mobility.
“Instead of only focusing on visa-free travel, this index was compiled and scored based on broader considerations that affect wealth strategy and lifestyle optimisation,” explains the World Digital Foundation’s Danielle Moxey.
“This included global mobility, international banking and investment ease, tax exposure, healthcare and political stability, lifestyle appeal, and HNWI investment opportunities.”
Portugal claimed the highest spot of any EU nation, while Singapore, Switzerland, and the UAE led the table.
Moxey notes: “Singapore, Switzerland, and the UAE make up the top three thanks to their efficient governance, competitive tax frameworks, and investor-friendly ecosystems, while European nations Portugal, Ireland, Germany and Luxembourg are close behind, offering a balance of lifestyle, stability, and access to EU markets.
“Australia, Canada and New Zealand complete the top 10 due to their quality of life and investment transparency, despite moderate-to-high tax burdens.”
Passport Appeal
The Portuguese passport offers visa-free travel to more than 190 destinations, along with full rights of residence, employment, and investment throughout the EU.
Its attractiveness is bolstered by the IFICI tax regime (commonly referred to as NHR 2.0), which exempts most foreign-sourced income (excluding pensions and funds from blacklisted jurisdictions) and applies a flat 20% tax on Portuguese employment or self-employment income for a decade. Crucially, Portugal imposes no wealth or inheritance taxes.
For investors outside the EU, residency remains within reach through the Golden Visa scheme. A €500,000 contribution into one or more regulated Portuguese alternative investment funds secures eligibility, extends to family members, requires little physical stay, and allows movement throughout the Schengen Zone.
The property sector also strengthens Portugal’s position. House prices grew by 15.2% in the first half of 2025—almost three times the EU average—making real estate a particularly attractive asset.
“Portugal combines EU-level access, tax structuring benefits, and lifestyle quality in a way few countries can match,” says Moxey.
“Complementing these benefits are Portugal’s exceptional quality of life, modern infrastructure, a favourable climate, geostrategic location, property market and general investment appeal, and a cost of living well below that of many other Western European countries.”
Wealth Migration Trends
Rising concerns about political stability, tax burdens, and quality of life are encouraging HNWIs to move away from the UK and US.
The World Digital Foundation predicts that between 2025 and 2028, the US will account for only 6% of new HNWI passport acquisitions, while the UK will capture just 4.5%. Both lag behind the likes of Portugal, Singapore, and the UAE.
“With a combined share of just over 10% between 2025 and 2028, these two countries risk ceding long-term economic influence to nations that have adapted faster to the competitive realities of elite global mobility,” adds Moxey.
According to Chris Marson, international private wealth expert at RTI Family Office: “Countries like Singapore, the UAE, and Portugal offer competitive tax advantages, simpler reporting requirements, and access to high-quality infrastructure without the same regulatory baggage.
“For globally-mobile entrepreneurs and investors, this combination means they can focus on growing their wealth and businesses rather than navigating citizenship and residency in the US and UK.”
Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, observes the same shift: “With the UK and US failing to provide certainty and stability for HNWIs, many are now seeking citizenship and residency in more favourable emerging countries such as Portugal.
“The country’s IFICI tax regime and Golden Visa residency-by-investment programmes, the most sought-after currently, paired with Portugal’s climate, growing expat community, low crime rate, stunning beaches, growing property market, culture, investment potential and geostrategic location, mean we’re seeing more and more HNWIs look to Portugal as a place for residency and citizenship.”
Click here to download the full Global Passport Power and Appeal Index 2025
About Portugal Investment Owners Club
The Portugal Investment Owners Club, or P Club for short, is a unique investor membership community designed for discerning individuals, families, and organisations committed to exploring and capitalising on life in Portugal and enjoying money-can't-buy experiences and exclusive events.
About Portugal Pathways
Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on luxury property, wealth management, and tax optimisation, including post-NHR tax regime planning, as well as private healthcare, IFICI tax incentive applications, money transfers and bespoke relocation solutions to enhance life and investments in Portugal.
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.
