The Most Accessible And Powerful Passports: Spain And Greece Top New Astons Ranking

Forbes

By Cecilia Rodriguez, Senior Contributor.  

The most powerful passports in the world are generally measured by the number of destinations that holders can access without needing a visa.

Rankings of the most powerful passports are also important indicators of the political and geopolitical conditions (see: impact of the Ukraine war on the Russian passport), economic development and international relations that have a direct effect on freedom of movement between countries.

European countries’ passports, along with those of Singapore and Japan, dominate the most recent listings, and are placed above the U.S. passport, which has been slipping in its position while, as reported by USA Today, “U.S. citizens lead in seeking alternative residency and citizenship abroad.”

Powerful Passports And Golden Visas

According to the latest analysis from global investment migration firm Astons, “Spain, and Greece have some of the most powerful and accessible passports in the world, providing visa-free access to more foreign nations than those available to holders of U.K., U.S., Russian, or Chinese passports.”

Spain leads the way in Europe with a passport that gives access to 177 countries, 133 of which require no visa at all.

The popularity of the Spanish passport is linked to the fact that since 2013, the country has run a residency-by-investment program, or ‘Golden Visa’ scheme, by which foreign nationals can earn Spanish residency and free movement in the E.U. through investing at least €500,000 in the local economy. “Once residency is secured, the path to citizenship, and therefore a Spanish passport, opens up,” the analysis explains.

“Citizenship-by-investment programs have become an effective tool for obtaining a strong passport and benefiting from its various advantages, including visa-free travel. While residency alone doesn’t provide access to a passport, some nations allow you to turn your residency into full citizenship over time."

Spain Announces The End Of Its Golden Visa Program

By Cecilia Rodriguez

Due to external and internal pressure, Spain has decided to end its Golden Visa program starting next month. The deadline to submit applications is April 3.

The end of Spain’s Golden Visa program “will leave investors and expats looking for alternative destinations that can provide an equally influential residency status,” Aston’s study says.

The Greek Offer Of A Powerful Passport

The next most attractive alternative and the second most powerful and accessible passport on the list is Greece’s.

Along with France, Germany, Finland, Italy, the Netherlands, Belgium, Luxembourg, Denmark, Portugal, Switzerland, Austria, Norway and Ireland, the Greek passport provides access to 176 countries either visa-free or with a simple visa-on-arrival process.

With the imminent closing of the Spanish Golden Visa scheme, the Greek Golden Visa has become the most in demand residence-by-investing program.

Despite strong opposition by E.U. leaders to the citizenship-by-investment (CBI) and residence-by-investment (RBI) schemes, Greece still offers a five-year family residency to expats for a minimum investment of €250,000 in local real estate in ‘less desired’ areas. Since 2023, though, as reported in Forbes, "the investment threshold was raised to $840,000 (€800,000) in areas where housing is in high demand, like Athens and Santorini, and $420,000 (€400,000) elsewhere."

Greece To Increase Golden Visa To $861,560 In Destinations Like Santorini And Mykonos

By Cecilia Rodriguez

Greece has one of the fastest golden visa processes, granting residency within 60 days, unlimited residency with no mandatory stay requirements, visa-free travel within the Schengen area and eligibility for citizenship after seven years, as well as convenient geographical access to markets in the Middle East.

New Alternatives To Powerful Passports

Amid rumors of an end to visa-by-investment and recent changes in the program by the Greek government, which like Spain and Portugal wants to shift its focus to company investors – especially startups -- the interest in the Greek Golden Visa has ramped up recently.And with it also the real estate prices.

According to the latest market analysis from eXp Realty Greece “some of Greece’s most attractive markets for Golden Visa investors have seen the highest rates of house price growth over the last year.” The analysis mentions very popular places like Kavala in the north along the coast of the Aegean sea, with a sharp increase in property values of 33.7% in the last year alone; Messinia in the southwestern part of the Peloponnese region with an increase of 18.2% and Chania on the northwest coast of the Greek island of Crete with 16.2%.

“All three locations are also some of the most accessible when it comes to obtaining Greek residency by investment,” the study explains. With real estate price increases in many other parts of the country, the study concludes that “the market is being influenced by investors at all levels.”

The potential closing of the Golden Visa scheme in Greece, according to Astons real estate investment expert Alena Lesina, means that “interested investors probably have less than a year left to secure Greek residency and access to the opportunities it offers.”

Portugal offers an attractive investment program with a Golden Visa through fund investment, starting at €500,000. However, the waiting time for a Portuguese residence card exceeds 18 months, while it takes only three to five months in Greece.

In contrast to the most powerful passports in Europe, the U.K. passport offers access to 172 countries, while the U.S. passport opens doors to 171 countries. Meanwhile, passports from Russia (127) and China (96) provide more limited access to other countries.