How much does Madeira make from tourism?

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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Madeira (Portugal) Approximately 2/3 of the island is a natural park and almost the whole island is covered by Levadas (man-made water channels with pathways). Madeira is a well-known tourist destination, that annually hosts an average of 1,6 million tourists arriving by plane and 533 thousand by cruise ship.

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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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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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Domestic travel was responsible for the highest number of visitors in Madeira in 2022. Overall, almost 470 thousand Portuguese tourists visited the archipelago.

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The island of Madeira is also attracting keen interest, with 1,342 Britons living there in 2020. That number is expected to increase from 2022, since, despite its popularity as a tourist destination, property there will still qualify for inclusion in Portugal's Golden Visa scheme.

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With both rent and restaurant prices being around 25% cheaper than in Lisbon, Funchal allows you to live your island dream without paying the more expensive prices of mainland Portugal.

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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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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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Madeira – A Tax Haven Approved by the European Commission.

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The north side of the island takes all the punishment. The trade winds travel down the Atlantic and hit the north coast brining with them rain and cool air. The high mountains act as a barrier to the more densely populated, “sunnier” side of the island, the south side.

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Legal and Financial Considerations: As a foreigner purchasing real estate in Madeira Island, you'll need to follow the legal and financial requirements of Portugal. This may include obtaining a fiscal number (NIF), opening a bank account, and hiring a lawyer to handle the legal aspects of the transaction.

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Funchal is the most expensive place to buy property on the islands – given its higher demand and abundance of services.

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In fact, Madeira was just voted Europe's “Leading Island Destination” in the World Travel Awards again (the sixth time in the last seven years). Less than four hours from London and with almost guaranteed sunshine, Madeira is an ideal winter break, or for that matter, anytime destination.

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Cristiano Ronaldo is the most famous person to come out of Portugal, as well as the most followed person on Instragam with 395 million followers. Born in Madeira, Ronaldo for many is the best football player of all time, having won a record of five Ballon d'Or awards.

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France is the most visited country in the world with 117,109,000 international tourists, thanks to its rich history and iconic landmarks. Mexico comes in second for most visited countries, with 51,128,000 tourists, offering vibrant culture and stunning natural beauty.

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Of the 136 top economies in the world, Ukraine is the one least reliant on tourism, with just 1.4% of its gross domestic product coming from visitors. Russia is close behind, with just 1.5% of its GDP coming from tourism.

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