4 Most Powerful Residence Permits to Hold In 2024
Passport holds the power like no other document. A passport provides plenty of perks, such as freedom of movement, choice of residence and opportunities for business growth. For those who are still holding back on getting a passport, here are the four most powerful passports to hold in 2024 and the perks they provide.
In the 21st century, the entire planet has seen a general trend of rise in the freedom of movement, residence and business growth opportunities like in no other century. Thanks to the internet as a facilitator of these freedoms, this trend is likely to continue in 2024 as well. Now more than ever, you can get a passport and enjoy basking in the power it provides.
Though the news might make it seem walls are going up and borders are closing down, countries have actually been unusually receptive to immigration done properly. According to the World Openness Score, as measured by PassportIndex.org, the 21st century has seen 54% of countries in the world becoming open to travel and business opportunities, with an estimate that by 2035 the entire world will become interconnected and completely open.
Until the world opens completely, some passports will still be holding more power and providing more perks than others. Here are four of the most powerful passports in no particular order, with the results obtained by conducting three online surveys among people from the Middle East, ex-USSR and South Africa and the main considerations being the perks these passports provide.
Portugal
Portugal boasts one of the fastest routes to passport – in six years after first arrival if all prerequisites are met. There’s no legal requirement to stay in Portugal throughout the year or know Portuguese, since most activities which need your attention can be carried out online and you can manage everywhere with English.
To receive residence, you have to purchase or set up a business entity that has to create value for the local economy, meaning it creates jobs. The business can be a shop, cafe, in IT, arts sectors or innovation, can’t be passive and the founder must be involved in its operation, have experience in the appropriate sector and a recognized degree.
Once the residence permit is issued, family reunification is swift, with the maximum time to receive visa D being 6 months. There is no obligation to stay in Portugal when the process is complete; you simply have to maintain your residence address and be able to receive post. Portuguese passport allows free entry to the Schengen Area and the right to work as a company director anywhere in the EU.
Free schooling with world-class education standards in Portuguese and an affordable cost of living round out the list of perks of having a Portuguese passport.
Total cost for the first permit is 11,250 EUR with a 25% discount if the first payment is made within 2 weeks.
Portugal’s passport ranks as the 4th most powerful in the world, alongside the US one.
Estonia
Estonia has one of the fastest routes to a residence permit in the Schengen Area that is normally given for five years and it can be renewed, with no legal requirement to stay in the country all year long. Most activities that need the applicant’s attention can be carried out online. Fast family reunification right after the residence permit is issued. No taxes have to be paid unless the applicant wishes to renew.
Residence permit is possible for founders and directors of a business, which should be in one of the following:
- IT
- high tech
- healthcare
- blockchain technology
- Internet-of-things
- Big Data
- Green technology
Proof of experience and education in the chosen field is expected and recommended. The business should yield some demonstrable economic activity that can be reviewed if the residence permit is to be renewed after 5 years.
Total costs and fees for the first residence permit for 5 years is 12,160 EUR with the 20% discount if the first payment is made within 2 weeks.
Estonia’s passport ranks as the 7th most powerful in the world, alongside Australia’s.
Luxembourg
Luxembourg is a secure, stable and rich country. There’s no legal requirement to stay in Luxembourg all year long and most activities which need the applicant’s attention can be carried out online. Fast family reunification right after you get your residence permit, with the maximum time for family members to receive visa D being 6 months.
Luxembourg offers high-quality medical services and a developed health insurance system which partly reimburses medical costs, with the price of basic insurance programs being only 50 euros per quarter per family. All residents are guaranteed a governmental provision of a progressive child allowance and free schooling with world-class education standards.
Residence is only granted via business set-up or a bank deposit. The created company has to have a real physical address and activities, with the founder who has applicable experience in the sector actively involved in the business. The bank deposit route to residence applies if the deposit is large enough to generate 60,000 euros a year in interest.
The total costs for the first Residence permit is 31,800 euros.
Luxembourg’s passport ranks as the 3rd most powerful in the world, alongside Germany’s.
Paraguay
Paraguay has one of the fastest routes to passport – in 5,5 years after first arrival if all prerequisites are met. There is no legal requirement to stay in the country all year long and most activities which need the applicant’s attention can be carried out online.
There is a possibility of obtaining a fiscal Non-Resident status to avoid having to report worldwide income, meaning the applicant does not have to pay tax on worldwide income.
The residence permit is possible in just two visits to the country, and no company or other legal entity has to be created. Family reunification is possible immediately after the residence is obtained.
The total cost for the first residence permit is 10,200 euros.
Paraguay’s passport ranks as the 28th most powerful in the world, way ahead of Russian Federation’s.
Conclusion
The power of a passport has little to do with the country’s prestige on the global scene, with some of the most obscure countries providing tremendous perks. By understanding the power of any given passport and the perks it provides, a person can choose the best passport with which to travel, change residence or create business opportunities.
