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Sweden has the world’s most powerful passport, according to a new report by consulting company Nomad Capitalist.
Out of 199 countries, the Scandinavian country came out on top, followed by Belgium, Italy and Spain. The UK was ranked 16th and the US didn’t even make it into the top 30.
However, the success comes with a flipped. Swedish passports are changing hands for as much as 80,000 kronor ($12,200) on the black market and being routinely used for human trafficking, prompting the government to launch an investigation into passport abuse according to other reports.
The Nomad Passport Index found that Swedes can visit 176 countries without a visa, and have the ability to work abroad without having to pay tax at home. The Nordic nation also received top marks in terms of personal freedoms, with citizens enjoying free speech, a free press and some of the lowest incarceration rates in the world.
The Nomad index ranks the value of citizenship in and, by extension the passport of, 199 countries and territories in the world based on five factors:
• Visa-free travel - 50% of ranking
• Taxation - 20% of ranking
• Perception - 10% of ranking
• Dual citizenship - 10% of ranking
• Overall freedom - 10% of ranking