An index developed for citizens holds clues for businesses as well.
In November, London-based citizenship and residency advisory firm Global Citizen Solutions released its Global Passport Index 2025, which measures not only where citizens can travel, but how well they can live and invest once they get there.
Sweden was No. 1 for the second consecutive year, with European nations holding nine of the top 10 positions overall. “Europe’s sustained dominance in the Index reflects the power of stable governance, innovation ecosystems and regional integration,” said Dr. Laura Madrid Sartoretto, lead researcher at GCS’s Global Intelligence Unit.
What could these results mean for corporate end-users, which, after all, are led by individuals and families with their own passports? I put the question to Madrid Sartoretto. After offering disclaimers about the GPI being intended solely for informational and analytical purposes and its role as supplementary tool for investors engaged in more comprehensive economic due diligence, she offered this guidance:
“The Global Citizen Solutions Global Passport Index (GPI), although primarily designed to assess the strength of a passport, offers an alternative lens through which investors can evaluate countries for new factories, regional headquarters, logistics hubs and R&D centers,” she writes. The index’s three dimensions — the Investment Index, Enhanced Mobility, and Quality of Life — each capture elements that align closely with corporate site selection logic, she said:
- The Investment Index draws on economic strength, tax burden and selected pillars of the Global Competitiveness Index and is “particularly relevant for corporate decision-making,” she says. “Markets that score highly here tend to have predictable business environments, efficient financial systems, strong innovation ecosystems and tax regimes that support reinvestment and corporate growth. These are precisely the conditions under which greenfield projects flourish.”
- Enhanced Mobility reflects a country’s integration into global markets, as well as its diplomatic and trade connectivity. “This dimension speaks directly to companies that require seamless international movement for executives, supply chain managers and specialized technicians.”
- Quality of Life captures social and institutional conditions (freedom, safety, environmental sustainability, migrant acceptance) that influence a company’s ability to attract and retain global talent for long-term operations.
Dr. Laura Madrid Sartoretto, Lead Researcher, Global Citizen Solutions’ Global Intelligence Unit
“When the GPI’s indicators are combined with cost-of-operations data and corporate tax regimes, a clear geography of opportunity begins to emerge,” Madrid Sartoretto writes. “The most attractive investment destinations tend to be those that balance three conditions: competitive or low corporate tax rates, moderate to low operational costs, and well-developed infrastructure capable of supporting advanced manufacturing, logistics or knowledge-based industries. Although high-ranking GPI countries like Sweden, Germany, and Switzerland offer exceptional institutional stability, talent availability and innovation capacity, they are often too costly for greenfield manufacturing or back-office operations. Instead, the true sweet spot lies in jurisdictions that combine investment-friendly tax structures with strong connectivity and an improving, rather than saturated, cost profile.”
She offers the United Arab Emirates, Singapore and Vietnam as examples of this convergence. Europe, she writes, “offers a more nuanced picture. While traditional powerhouses remain expensive, a new group of European countries provide cost-effective alternatives without sacrificing institutional quality.” A few examples:
- “Estonia is perhaps the most innovative of these, offering a unique corporate tax system where reinvested profits are taxed at 0% (otherwise 22%). Its digital infrastructure is among the best in the world, and labor costs remain significantly below Western European averages.”
- “Hungary, with a corporate tax rate of just 9% (one of the lowest in the European Union) has become a manufacturing powerhouse, particularly in automotive and electronics.”
- “Ireland holds a stronger position in the GPI/quality-of-life realm and continues to be a premium destination for greenfield and expansion investment, especially in technology, life sciences and headquarters-type assets. Its corporate tax rate of 12.5 % remains a key incentive, and its integration into the European Union single market plus an English-speaking workforce strengthen its attractiveness.”
- “Portugal represents another compelling case: Although its corporate tax rate is moderate, operational costs remain among the lowest in Western Europe, and regional incentives can reduce the effective rate to 12.5% (SMEs and small-mid-cap companies carrying out activities in inland territories of Portugal in high-value sectors).”
