MADEIRA

MADEIRA
Madeira Island is a sub-tropical archipelago located in the Atlantic Ocean and an autonomous region of Portugal. The archipelago is made up of two populated islands, Madeira and Porto Santo, and two groups of unpopulated islands called the Desertas and Selvagens Islands. Known, worldwide as the Islands of eternal Spring, or Pearl of the Atlantic, Madeira has a mild climate throughout the entire year, with temperatures rarely exceeding 28ªC in summer and 14ºC in winter.

Madeira Island is 310 miles from the African coast and 620 miles from the European continent, only 1h 30mn flight from mainland Portugal and about 3h from all the main countries in Europe, make it accessible to most as a holiday destination as well as ideal for those wanting to buy a holiday home. 


FLIGHTS

VISITING MADEIRA
Flights and Airlines are available from many European and African countries. To give you an idea of some flights and airlines available to you, as well as costs browse the Skyscanner site at;  

http://www.skyscanner.pt

Direct flights are available from many European cities including Frankfurt, Milan, London, Gatwick, Paris, Madrid, Zurich and of course, Lisbon. 

Low cost  flights are also now available from some European countries direct to Madeira island Portugal including the United Kingdom and Ireland.

MADEIRA´S ECONOMY
Madeira island's productive development is greatly based on tourism. Other regional products such as Madeira Wine, embroidery,  wicker works, flowers and tropical fruit are also popular. Madeira Island is visited by over one million tourists every year. One of Madeiras highlights of the year is the New Year fireworks show recognized by the Guiness World Records.

GOVERMENT
On 1 .July 1976, following the democratic revolution of 1974, Portugal granted political autonomy to Madeira, The region now has its own government and legislative assembly.  One of the main attractions of Madeira Island is its political stability.
 
MADEIRA´S POPULATION
Madeira´s current population is estimated at 260 000. In the 1960 it was estimated at 300 000. Many emigrated to Africa and the United Kingdom. Most of the inhabitants live in the Funchal, Câmara de Lobos, Santa Cruz and the Machico region. 

TIME
Madeira island in Portugal operates an hour ahead of GMT.

WHAT YOU WILL NEED
You will need a passport or Visa depending on the country you live in and the reason for your visit to Portugal, whether as a turist, student or buyer.
 
TAX
Portugal taxes residents and non-residents differently. If you are a resident, working for an employer in Portugal income tax is automatically deducted from your salary. 

If you’re a non-resident, you are only taxed on income derived from business in Portugal.

INHERITANCE TAX
As from the  1st .January 2004, inheritance tax was abolished in Portugal.  There is still a 10% stamp duty charge though on transfer of assets.  Gifts and donations to a spouse,  children, parents or grandparents are exempt.

CAPITAL GAINS
If the proceeds from the sale of real estate are reinvested in another property in Portugal, then the individual is exempt from capital gains.

For non-residents, capital gains tax is payable at 25% of the gain.

VAT in Madeira is 22%.

For more about Madeira.. Visit Madeira!

Madeira Island