The Portuguese passport has surged in global demand, now ranked the fourth most powerful in the world, according to the newly released Global Passport Power and Appeal Index 2025.
The report places Portugal well ahead of the US, which sits at 20th, and the UK, ranked 13th. Its strong EU access, favourable tax structures, and high lifestyle appeal are driving its rise among internationally mobile high-net-worth individuals (HNWIs).
Global Passport Power and Appeal Index 2025
The index, compiled by the World Digital Foundation and published in September 2025, evaluates passports across a wide set of criteria designed for HNWIs, investors, and globally mobile professionals.
“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 placed fourth overall, higher than any other EU nation.
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Moxey added: “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.”
Why Portugal Is Climbing the Ranks
Portugal is increasingly viewed as one of Europe’s most appealing destinations for investors, wealthy families, and professionals seeking mobility.
Its passport offers visa-free travel to more than 190 countries and the right to live, work, and invest anywhere in the European Union.
The country’s IFICI tax framework (known as NHR 2.0) further boosts its attraction, offering 0% tax on most foreign-sourced income (excluding pensions and income from blacklisted jurisdictions) and a flat 20% rate on Portuguese employment or self-employment income for ten years. Portugal also imposes no wealth or inheritance tax, providing additional scope for wealth planning.
Residency options remain strong, too. The Golden Visa programme allows non-EU investors to qualify with a €500,000 subscription into one or more regulated Portuguese alternative investment funds. The visa extends to family members, requires minimal physical presence, and permits visa-free movement across the Schengen Area.
Portugal’s real estate market is also outperforming the EU. Property prices rose by 15.2% in the first half of 2025—nearly triple the EU average—making it a hotspot for buyers seeking capital appreciation.
“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.”
Shifting Preferences in Global Citizenship
Growing concerns around taxation, political instability, and quality of life are causing HNWIs to look beyond the US and UK.
The World Digital Foundation projects the US will account for only 6% of new HNWI passport acquisitions from 2025–2028, while the UK will capture just 4.5%. Both countries now lag behind Portugal, Singapore, and the UAE in terms of appeal.
“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.
Chris Marson, international private wealth expert at RTI Family Office, highlights the benefits of alternatives: “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, has seen the trend firsthand: “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 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.
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 Future Fund
The Portugal Future Fund strategically invests in key sectors, driving growth and innovation across Portugal. Approved for Portugal’s Golden Visa residency-by-investment, it offers a unique opportunity for impactful and rewarding participation.
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.
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