How does Madeira make money?

Currently the great engine of the Madeira's economy is tourism. Madeira is one of the most attractive destinations in Europe. In agriculture, banana production is mainly directed at regional and national consumption, flowers and the famous Madeira wine also make an important contribution to the regional economy.



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According to data compiled by the Regional Directorate of Statistics of Madeira (DREM), the island's tourism industry had record-breaking success in 2022, with overnight guest counts exceeding 9.6 million and total income reaching 528.8 million euros.

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The average standard of living tends to be a bit lower than in mainland Portugal, and the local autonomous government gives generous subsidies coming from the tourist industry revenues and from the Portuguese national budget. Go where the locals go and everything will be cheap.

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Funchal, the capital of Madeira Island, is known for its beautiful landscapes, mild climate, and relaxed lifestyle. According to Numbeo, a family of four can expect to spend around 1,943.8€ per month without rent in Funchal, while a single person's estimated monthly costs amount to 542.5€ without rent.

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The favorable climate of the island also contributed to the land thrive, and wheat production has become one of the greatest wealth of the island. This cereal was exported on a large scale for the Portuguese possessions on the African coast, giving thus the first cycle of Madeira economic history.

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Madeira – A Tax Haven Approved by the European Commission.

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If your definition of quality of life means safety, tranquillity, natural beauty and little traffic, then Madeira could be a good option. Far from the bustle of Lisbon and Porto, the island is calm and peaceful.

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Madeira Island has numerous reasons why it stands out as an ideal retirement destination. Its year-round temperate climate, captivating natural beauty, and rich cultural heritage make it an irresistible choice for retirees seeking tranquillity and a high quality of life.

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Climate: Madeira enjoys a subtropical climate, characterized by mild temperatures throughout the year. The island experiences warm summers and mild winters, making it an appealing destination for those seeking a pleasant and comfortable climate.

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The electric grid in Madeira island is fed by five sources of energy, namely: hydro, wind, photovoltaic, solid waste incineration, and thermal energy from burning fossil fuels like diesel and natural gas.

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Investing in Madeira has a number of benefits. Firstly, it's a very stable market. Prices have been rising steadily over the past few years, so there's no risk of a sudden crash. Secondly, it's a great place to live.

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Apartments and houses in good condition can be found starting from 70,000 - 100,000 euros. The maximum price for real estate in Madeira is more than three and a half million euros for a luxurious private house. That will particularly interest those who are going to buy luxury real estate in Portugal.

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Madeira in general isn't an expensive place to live. Housing, transport, and food are quite affordable for expats staying in Madeira longer term. On the other hand, if you're staying in Madeira short term (less than 6 months) then housing and renting cars can be quite expensive.

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As an American citizen, you can stay on Madeira Island for up to 90 days without a visa, but if you plan to stay longer, you'll need to apply for a residence permit.

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This is also the place where most expats and digital nomads live so people are more likely to speak English. With over 100,000 people living in Funchal, it is the main center of Madeira. The capital is known for its lively nightlife, incredible restaurants, and for having loads of cultural activities to enjoy.

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For them the island has everything: safe towns and cities, good food, happy people. The locals themselves confirm this. “It's hard to be sad when the sun is shining... very few people in Madeira are depressed,” says Peter, our high-energy canyoning guide from Epic Madeira.

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In fact, Madeira has officially been chosen as among the safest European destinations for traveling in 2021 by European Best Destinations (EBD).

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