The Autonomous Region of Madeira, is an Atlantic archipelago belonging to Portugal, constituted as an ultra-peripheral region of the European Union. It consists of two inhabited volcanic islands, Madeira and Porto Santo, and three smaller uninhabited volcanic islands. It is located less than 500 km from the Canary Islands, 860 km from Lisbon, and 770 km from the nearest island of the Azores. The region is inhabited by 268,000 people, of which a half live in its capital and major urban center, Funchal, where there is a well-connected International Airport. Its official language is the Portuguese and its currency is the Euro (EUR).
The main economic activity of the region is tourism, receiving many visitors from Europe throughout the year, who seek the mildness of its climate. The region produces the famous Madeira Wine, and to a lesser extent also bananas, exotic flowers, tropical fruits, sugarcane and coffee, among others. The region has modern and efficient infrastructures, commercial port next to the Madeira Industrial Free Zone and good telecommunications infrastructure.
The Madeira International Business Centre is a tax-privileged economic area, where its companies incorporated benefit from one of the most advantageous tax regimes in the European Union, including a low 5% tax on profits, among other tax benefits. This free trade area includes the Industrial Free Zone, the Offshore Financial Centre, the International Shipping Register organisation, and the International Service Centre.
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