Madeira, an integral part of Portugal fully integrated in the E.U., is located in the Atlantic Ocean, 900 km southwest of Lisbon. The archipelago, with a total population of 267,785 inhabitants, has the city of Funchal as its most important centre.
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Madeira Islands, Portuguese Arquipélago da Madeira, archipelago of volcanic origin in the North Atlantic Ocean, belonging to Portugal. It comprises two inhabited islands, Madeira and Porto Santo, and two uninhabited groups, the Desertas and the Selvagens.
For EU- Citizens, EEA Citizens and Swiss CitizensEuropean Citizens can live in Madeira Island for a period of up to 3 months without registering their residence with local authorities. After this period (3 months), European citizen have a period of 30 days to register, which they will obtain a certificate.
The cost of living in Madeira is generally lower than that of mainland Portugal, making it an attractive destination for expats seeking a high quality of life in a beautiful setting.
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.
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.
Madeira is boasting some of the most accessible biodiversity. It is known for its lush forests, gardens, and parks, which give the island a tropical feel. As a result of the mild temperatures here all year long, a range of exotic plants and herbs can be found in the gardens.
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.
Funchal – Madeira Island's capitalA family of four estimated monthly costs are 1,943.8€ without rent. A single person estimated monthly costs are 542.5€ without rent. Funchal is 13.1% less expensive than Lisbon. Rent in Funchal is, on average, 32.4% lower than in Lisbon.
The International Business Center of Madeira (IBCM) or Madeira International Business Centre (MIBC), formally known as the Madeira Free Trade Zone, is a set of tax benefits authorised by Decree-Law 500/80 in 1980, legislated in 1986, and amended throughout the years by the Portuguese government to favor the Autonomous ...
Madeira is a super easy island to get around – with or without a car! There are buses that can take you almost everywhere and anywhere on the island. There are also lots of awesome tours to all the Levada hikes that pick you up and drop you off at your accommodation (especially if you're staying in Funchal).
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.
Funchal is usually a very safe city. However, as in any other places you go, common sense is required. Probably the unsafest place to go in Funchal is Zona Velha (near the cable car) at night, because it usually gets very crowded because of the nightlife.
Not only is Madeira an excellent choice for those seeking the ultimate luxury escape due to the fact that it is an island tucked amid the Atlantic, but it is also a winning bet because of its accessibility.
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.