Vanuatu’s Citizenship by Investment Program (CIP) generated US$28 million in revenue during the first half of 2024.
Current trajectories suggest the program will reach approximately US$60 million in annual revenue for 2024, falling slightly below 2023’s US$68 million.
In March 2022, the EU Commission temporarily suspended Vanuatu's visa waiver privileges, citing "risks posed by Vanuatu's investor citizenship schemes." While the program's revenue decreased following this decision, it established a new operational baseline.
The European Parliament recently voted to make this suspension permanent.
The program's contribution to government revenue averaged 18% in the first half of 2024, split between 14% in Q1 and 22% in Q2. These figures show a slight drop from 2023's 21.75%.
The CIP's performance since 2022 indicates its adaptability to operating without EU access. The program has maintained consistent, albeit lower, application volumes and revenue streams.
Market dynamics may shift, though, as Nauru's new CIP enters the fray, potentially creating direct competition for Vanuatu in the Pacific region in 2025.
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