Vanuatu’s CBI revenues hit a record high: in H1 2026 the treasury received VT11.4 billion despite Europe’s visa-free entry being scrapped

Citizenship by Investment (CBI) programs in Vanuatu generated VT11.4 billion (about US$95.5 million) for the budget during the first six months of 2026. This figure exceeds all other revenue sources highlighted by the ministry in its interim report.

According to a statement published by the Ministry of Finance and Economic Management of Vanuatu (MoFEM), CBI receipts accounted for roughly 37% of the increase compared with VAT (value-added tax) performance. Overall, CBI represented about 39% of the government’s total revenue of VT29 billion, excluding donor funds.

Deputy Prime Minister and Finance Minister Jonny Koanapo reported a net operating surplus of VT9.3 billion (around US$77.9 million) for the period. At the same time, there were no new bond issuances.

In a July 25 report, Vanuatu Daily Post stated that treasury bill repayments totaled VT933.1 million, while external debt payments were VT916.6 million. Total spending reached VT20.1 billion, which MoFEM estimates is 14.5% lower than the January–June budget projection.

“Our financial books are in order, obligations are being met, and we are doing this without going to the bond market,” Koanapo emphasized.

CBI income is outpacing every tax line

For the half-year, collections amounted to 55% of the revised annual target for 2026 — VT53.9 billion (about US$451 million). At the same time, the figures already stand 8.9% above the budgeted forecast for this period.

Overall, government revenue rose by 5.7% compared with the same period in 2025.

CBI’s share is growing for the second year in a row

In the first nine months of 2024, citizenship-related receipts made up 21.8% of government income. In the same period of 2025, that share increased to 30.4%. After the first six months of 2026, the figure is close to 39%.

Over the first nine months of 2025, Vanuatu received VT11.73 billion from CBI programs. If this pace is applied to the half-year result already achieved in 2026, the current trajectory could surpass all previous annual highs.

If annualized, 2026 could beat the 2020 record

Doubling the half-year outcome yields an estimate of VT22.8 billion (about US$191 million). The previous peak was recorded in 2020 — roughly US$132.6 million, when CBI accounted for 42% of all government revenue.

The 2026 budget documents assumed citizenship receipts would total about VT15 billion for the full year. Based on an analysis published by Vanuatu Daily Post in January, by June actual collections had already exceeded 76% of that annual estimate.

Financial authorities and the IMF: questions over what is actually being measured

The IMF Article IV consultation report for 2025 noted that the sharp rise observed in the first half of 2025 may have been linked to changes in how the CBI programs operated. In particular, the report mentioned invoicing practices through the government’s financial management system.

The key question was whether actual receipts matched the invoices reflected in the reporting. The IMF did not publish follow-up clarifications that would resolve the uncertainty.

At the same time, IMF executive directors described the CBI program’s resilience as an internal vulnerability and recommended strengthening governance and transparency.

Since then, the government has been reviewing an investigative commission report related to the activities of the Citizenship Commission. On February 6, relevant authorities were instructed to implement recommendations from the first part of the report. Opposition politicians continue to push for publication of the full text, arguing that the document was submitted to the Minister of Justice in mid-2025.

Receipts keep rising despite reduced mobility

Despite changes in visa arrangements, the revenue trend did not mirror the “passport usefulness” trajectory. In December 2024, the European Union removed Vanuatu from the list of countries with visa-free access to the Schengen area. This was the first time a third country was removed from the EU’s visa-liberalisation list.

In July 2023, the UK also introduced visa requirements for Vanuatu. And in June 2026, the Nakamal agreement with Australia, as reported, includes an “indefinite mobility commitment” but does not formalize it as a full visa-free arrangement.

At the same time, the minimum investment threshold for applicants remains at US$130,000 for a single applicant. Applications under the three programs are, according to industry procedures, assessed within several weeks.

“Vanuatu has nothing left to lose in Brussels”

Manprit Khataria, head of Alpha Immigration Associates, interprets the half-year results as evidence that demand has not disappeared, but has shifted. He said that even after losing the EU visa-free benefit in 2024, the country “still delivered its best half-year performance.”

Khataria draws a parallel with the Caribbean, where the European Commission asked five states to wind down their programs by June 1, 2028 or face a possible Schengen suspension. In his view, those countries still have “something to lose,” whereas Vanuatu no longer has that problem.

He also links demand to client expectations: amid uncertainty, many prefer to have a “plan B” and secure a second passport as quickly as possible. “Nobody wants to wait 8–12 months to have the passport in hand,” the expert notes. “Speed wins.”

Notes on the published figures

As clarified in local coverage, when MoFEM’s statement is reprinted, the final sums may be presented in millions rather than billions. As a result, citizenship revenue in retellings could appear as VT11.4 million, while total revenue could be quoted as VT29 million. However, in the published fiscal indicators of the Department of Finance and Treasury, recurrent revenue for the first half of 2025 is listed as VT27.03 billion, which logically supports the scale reflected in the 2026 data.

Two inconsistencies also remain in the published set of numbers: one place shows the difference between revenue and spending as VT8.9 billion, yet a surplus of VT9.3 billion is reported. In addition, the listed components may sum to more than the overall figure, suggesting that certain lines (for example, lines related to the European Development Fund) may have been excluded from the phrasing “excluding donor funds.”

MoFEM has not published a base monthly breakdown. In the public indicators of the relevant unit, the latest reported period is still listed as June 2025.

If you’re exploring citizenship by investment to enhance your financial and legal flexibility, Vanuatu is among the most discussed options in the region. Digital Nomad will help you understand how the CBI program works, what’s currently required, and how to prepare your documents step by step. Learn more at https://digital-nomad.gr/en/goldenvisa.

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