Vanuatu CBI Revenue Hits Record High Despite Loss of Schengen Access

Vanuatu's Citizenship by Investment programs generated VT11.4 billion (US$95.5 million) during the first half of 2026, making citizenship the government's largest source of revenue.

According to the Ministry of Finance and Economic Management, CBI receipts accounted for approximately 39% of government revenue, exceeding VAT collections by around 37%.

The figures suggest investor demand has remained strong despite Vanuatu losing visa-free access to the Schengen Area in late 2024.

CBI Continues to Drive Government Revenue

The first six months of 2026 have already delivered almost as much CBI revenue as the country collected during the first nine months of 2025.

If current performance continues, Vanuatu is on track to record its highest annual citizenship revenue to date, comfortably surpassing previous records.

Deputy Prime Minister and Finance Minister Johnny Koanapo also reported a budget surplus for the period, with no new government bond issuance, highlighting the growing contribution of citizenship revenue to public finances.

Demand Has Shifted Rather Than Disappeared

While the loss of visa-free access to Europe raised questions about the future of Vanuatu's CBI program, recent figures suggest demand has not disappeared.

Rather than focusing solely on travel benefits, many applicants are placing greater value on the ability to obtain a second passport quickly.

Investors facing increasing geopolitical and economic uncertainty are looking for a reliable backup plan, making processing speed an increasingly important factor when choosing a citizenship program.

What It Means for the Industry

Vanuatu's performance could become an important reference point for the wider investment migration industry.

Several Caribbean Citizenship by Investment programs continue to face pressure from the European Union over visa-free access to the Schengen Area. Vanuatu's experience suggests that while mobility remains important, it may not be the only factor influencing investor demand.

The latest figures indicate that pricing, processing times, and broader wealth planning considerations continue to play an important role in the citizenship by investment market.