The Irish passport has been ranked as the fourth-most powerful passport in the world for 2023, falling one place from last year. 

Nomad Capitalist, a consultancy firm based in Hong Kong, has released the Nomad Passport Index for 2023, which highlights the best passports in the world for visa-free travel.

The index also incorporates factors such as dual citizenship and the global standing of a country in the international community in addition to personal freedom and international taxation laws. 

Visa-free travel is responsible for 50% of a country's score, with taxation laws contributing 20% to the overall score. Dual citizenship, perception around the globe, and personal freedom each contribute 10%. 

Ireland ranked joint-fourth alongside Portugal in the latest rankings, receiving a score of 107.5. 

"Ireland offers one of Europe’s lowest corporate tax rates, while its passport’s visa scores are among the highest. The country’s excellent reputation makes traveling as an Irish citizen generally hassle-free," Nomad Capitalist said in the new rankings. 

"While Ireland is not part of the European Schengen Area, it is a member of the Common Travel Area (CTA), which means free travel to, and the right to work in, the UK." 

The United Arab Emirates soared to the top of the rankings for the first time ever in 2023, jumping from 35th to first with a score of 110.5 due to recent changes that allow foreigners to apply for dual citizenship. 

Nomad Capitalist said the changes, combined with travel freedoms afforded by a UAE passport and the country's enviable tax system, "puts the United Arab Emirates top of our list for 2023".

Luxembourg, which topped the ranking last year, fell to second place along with Switzerland. 

The United States was ranked 43rd in the new ranking, while the UK ranked joint 30th.