Madeira Business, Taxation and Offshore Information
This page was last updated on 10 Oct 2018.
Madeira is well located off the EU and Africa
Madeira (more formally known as ‘the Madeira Islands’), is a small group of islands 970 km south-west of Lisbon and 690 km west of the Moroccan coast. It has an area of 314 sq. km and a population of around 254,000 people (December 2017) - which represents a decline of 14,000 from the 2011 census. The islands are visited by more than 1.5 million tourists a year.
The capital, Funchal, in the south-east of the main island, has an international airport which is well connected to European cities. The time zone is GMT. Madeira is part of Portugal and therefore part of the EU; the language is Portuguese, although some English is spoken. The legal system is based on the Napoleonic Code and is therefore a civil law system.
Madeira has its own government and hence a good degree of autonomy from Portugal, though most legislation including that on taxation is Portuguese. The economy is based on tourism, fishing, farming and financial services. As a peripheral and poorer region of the EU, there is considerable EU funding to support development, which can assist inward investment. The currency is the euro. More »