For journalists and researchers
The ARI Cultural Monitor is a searchable English directory of every cultural project on GEPAC's lists for Portugal's Donation Golden Visa (legally, the ARI Cultural route), with the history of each list and GEPAC's figures for the route. It is published by Cascais Ventures, is free to use and always defers to GEPAC's own documents.
Figures: GEPAC, Ministry of Culture, data to 31 August 2026.
What are the key figures?
GEPAC’s figures for the route, 1 January 2020 to 31 August 2026:
- €104.7 million donated to Portuguese culture.
- 479 investment declarations, one per donor. Family members are not counted.
- 141 cultural activities approved as eligible.
- 2025 was the record year: 213 declarations and €47.3 million, up 303% on 2024. The amount donated grew 11 times from 2023 to 2025.
- The United States (162) and China (149) account for almost two thirds of declarations; India is third with 46.
- 58% of the money went to low-density territories, where the minimum donation is €200,000, and 58% to heritage recovery and maintenance.
The directory lists every project on GEPAC’s current eligible list and on its list of fully funded activities, with live counts by minimum donation, region and theme.
What stories does the data support?
- Culture’s share of the Golden Visa. With real estate gone from the programme, the cultural donation has grown from 16 declarations in 2023 to 213 in 2025.
- Money moving to the interior. Low-density territories hold 43% of approved activities but 58% of the amount donated.
- Who is donating. Americans and Chinese nationals together hold almost two thirds of declarations, with India, Turkey and the United Kingdom next.
- What the list looks like over time. The change log dates every project added, funded or removed since June 2025.
How should I cite the ARI Cultural Monitor?
ARI Cultural Monitor, Cascais Ventures, based on GEPAC data, cascaisventures.com/monitor/ (accessed [date]).
For GEPAC’s figures on the route, add the data period: “GEPAC data to 31 August 2026”. The methodology explains the sources, the daily check and the known limits.
Where are the data and charts?
- Data: the full project directory as a CSV file, under the Creative Commons Attribution 4.0 licence (CC BY 4.0).
- Charts: The route in numbers, by year, nationality, region, territory and cultural area, each with its data table.
- The Law: an English translation of the six instruments that govern the route, side by side with the Portuguese.
How do I reach you?
Write to info@cascaisventures.com. We can help with data questions, Portuguese sources and background on how the route works.
What will you not comment on?
We do not comment on individual donors or their applications, and we do not discuss other promoters’ projects or commercial terms. Cascais Ventures is a cultural agency that structures and co-produces some of the projects listed; those carry a “Co-produced by Cascais Ventures” badge.
Sources: GEPAC, ARI lists and statistics.
Keep exploring
Updated 11 October 2026 · Cascais Ventures · Primary sources linked on this page (links checked 11 October 2026)